Auctions are generally associated with older, individual properties or land developments and people don't think of them as a place to buy a new build property. Any why would they? Historically, developers have been very successful at selling their new developments (very often Off Plan) and didn't need to enter the auction scene looking for prospective buyers or investors. But times are a changing...

During the boom years, new build property could command premiums (not discounts) of 15 - 20% for the fact that these homes are more energy efficient and have modern kitchens and the latest gadgets. Many people like the thought of owning a property that is brand spanking new and so developments were usually sold out before they were finished.

This is clearly no longer the case and you don't have to venture far to come across new build projects that have been stalled due to the credit squeeze. Developers who have enormous amounts of capital tied up in unfinished projects, are strapped for cash and so are now offering huge discounts and incentives to get stock sold and cash flow moving. I've seem discounts of up to 50%+ being offered by developers just to get inventory off their books, but will this continue?

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.
- Shared equity arrangements mean 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.

The number of new homes being started has also declined sharply - with latest figures from NHBC reporting just short of 24,000 new home applications for the past rolling 3 month period. This falls way short of the government target to build 240,000 new homes each year to cope with housing demand.

There's now talk of the construction slowdown being the cause of another house-price spiral with shortages emerging in certain pockets of the country as soon as next year.

So, is this window of opportunity to snap up new build properties at bargain prices, beginning to close?

Back in the auction room, new build property is still available - with property investment clubs and networks also offering ?online auctions' to get unprecedented deals for their members. The bulk purchasing power of such groups of investors can mean that seemingly ridiculously low offers can be put forward for multiple units and developers who need the cash are accepting them.

Read Martin's Top Tips on buying New Build property in the 2009 climate.