Luxury apartments tumble in value as downturn bites

PRICES of apartments at a prestigious Newquay development – home to the likes of Phillip Schofield – have been reduced by 25%.

In the light of tumbling house prices and the global economic downturn, prices at Bredon Court, in Tower Road, have been cut by a quarter of the original market value.

With superb views over Newquay Golf Course and out over Fistral Bay, Bredon Court has been noted as one of the town's stand-out developments. And its status was heightened further when This Morning presenter, and former Newquay lad, Phillip Schofield purchased a luxury apartment on the site.

Bradleys Estate Agents, which is marketing the development, said the 25% reduction meant that many of the luxury apartments were a bargain.

"If you are looking to join the millions of people who have bagged a bargain in the January sales, there has never been a better time to buy property, with prices at their lowest for years," said Bradleys in a statement.

"For those seeking an investment Bredon Court has a two-fold advantage, as a holiday rental property and as a long-term investment. Holidays in the UK are set to rise, as a result of the cost of the euro and the dollar, and predictions are that the Cornish holiday rental market is likely to have a very good year. In the longer term, the apartments at Bredon Court will prove to be popular once the housing market returns." Bredon Court consists of 43 two and three-bedroom flats and eight town houses. Each apartment has parking and underground storage. Prices start from £210,000.