Developers forced to sell new homes at a loss

PROPERTY developers have been forced to sell many new homes at a loss this year due to the downturn in the construction industry, according to leading builders.

The Irish Home Builders Association (IHBA) claimed yesterday that many of their members had to take a financial hit on the sale of new housing units just to stay in business.

The IHBA claimed such losses were incurred even before the cost of acquiring the site was factored into the equation.