The measures I mentioned in an earlier article for PS have now come into force, and they mean developers now have to declare incentives and discounts in an open and transparent manner that both buyers and mortgage providers can understand.

This should lead to more realistically priced new-build properties from here onwards - but whether these changes are beneficial has yet to be seen, because actual mortgage repayments are likely to cost more, even though the property itself may cost less.

The way in which residential new-build units have overtaken the mass property market in many inner city areas over the last couple of decades has been nothing short of a phenomenon.

First it was empty and derelict warehouses that were converted, then old and outdated office buildings, churches and banks - and when every available conversion project was exhausted, the developers demolished buildings to create development sites.

The reason for this feverish development was the rise and rise of buy-to-let, combined with the new and constantly hyped fad amongst young professionals for chic city living space.