Property Update: New flats and houses at knockdown prices

A NEW kind of auction could spread like wildfire since a US company sold more than 20 apartments at Marine Point, Folkestone, in an hour to buyers for knockdown prices. Kennedy-Wilson, one of the world's largest auction-marketing groups, aims to repeat the exercise next weekend with nine homes at Northwood, Middlesex, where minimum prices are up to a third less than original values set by the builders, Prowting. The firm differs from UK auctioneers in that it publishes reserve prices, focuses on new homes in a single development rather than a ragbag of repossessions, and ensures each home prequalifies for a mortgage. A seminar for buyers, who have to pre-register, will be held tomorrow, and further sales are planned in Bristol and London next month. Freephone information from 0800 886633 up to 8pm.