1 In the boom, you could have expected to pay a premium of between 15 per cent and 20 per cent for a new-build home because it was more energy-efficient and the kitchen was the latest thing. This premium has disappeared in the wake of tougher guidelines for the surveyors who value homes as part of the mortgage approval process. These professionals now do not differentiate between new-build and second-hand homes.

2 This new valuation regime is largely the result of mortgage fraud during the boom. Some borrowers did not disclose the large discounts that they were receiving and were granted loans based on the full asking price. These borrowers are now in negative equity — their properties are worth less than the price they paid, even taking into account the discount. If they are repossessed, the bank is left with a big, bad debt problem.

3 Once bitten, twice shy, the banks are now basing the amount that they will lend to buy-to-let investors on the price of the new-build home, minus the discount. Mark Harris, of Savills Private Finance, the mortgage broker, says that the bank may disregard an incentive of up to 5 per cent if the buyer will live in the home rather than rent it out. But he warns that lenders continue to be cautious about loan applications on new-builds.

4 Discounts, which were as high as 60 per cent a year ago, are becoming less generous as the oversupply of new-build properties diminishes. Only 75,000 new homes are likely to be built this year — the lowest number in living memory. Work has started again on some sites in response to increased demand.

5 Has the availability of one of the remaining discounts brought you round to the idea of buying a new-build? Remember that there may be a good reason why the property is unsold, such as poky rooms, a design flaw that will make it difficult for you to sell, or even to rent out. In expiation for their past sins, developers are trying to produce more generously sized living spaces.

6 The construction slowdown could be the cause of another house-price spiral, according to some commentators. This view is based on the Government’s estimate that 240,000 new homes are required each year. Hurford Salvi Carr, the consultancy, believes that shortages could emerge in parts of London as soon as next year. There may even be insufficient homes to meet demand in Docklands, the location in the capital that is most associated with empty and unsold new-build apartments.

7 Some developers have resolved an oversupply issue by turning a development into affordable housing for owner-occupiers, with the help of shared ownership or shared-equity schemes. Shared ownership allows you to buy between 25 per cent and 75 per cent of a new-build property. You have a mortgage on your share and pay rent on the rest. Under a shared equity arrangement, you buy 50 per cent to 75 per cent with a mortgage and obtain an interest-free loan from a housing association or developer to cover the remainder. Find out more from FirstRungNow.com, the property adviser.

8 Buying off-plan (before a scheme is built) is making a comeback, despite the threat of bankruptcy hanging over some of those who put down deposits on half-built flats and cannot raise the rest of the cash. Jeremy Raj, of Wedlake Bell, the solicitors, summarises the position of these buyers: “They are legally obliged to complete on the transaction. Damages are not even restricted to the difference between today’s market price for that property and the price that they contracted to purchase at.”

9 Supposedly iconic residential blocks of 40 storeys may rise again over our cities, but not for a while. Smaller-scale schemes are the safer option for developers. The banks that funded towers — sometimes taking stakes in these ventures — no longer want to get involved. They may still be happy to lend to household name builders, but Tim Wright, of King Sturge, the property consultant, says that smaller developers will have to look to private investors for funding.

10 The downturn has not affected the popularity of self-build: about 20,000 people will build their dream home this year. If the value of your property has fallen, your remaining equity will go farther if you build a bigger place rather than buying a ready-made one. The bill for a three-bedroom home costing £200,000 would fall to £160,000 to self-builders who contract out most of the work, and to £90,000 if they do most of it themselves, according to the National Self Build Association.

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