According to Fraser Houses, 1,500 prospective purchasers clamoured for bargains as the third phase of Aylesbury Place in Mayfield Garden Village was launched over the weekend.

The properties snapped up included apartments reduced from £179,950 to £119,950, semi-detached houses cut from £229,500 to £139,950 and detached houses, which were advertised at a substantial reduction from £340,000 to £229,950.

There are already over 250 people on the waiting list for the next release.

Queues formed from 6.30am on Saturday - an indication, says the company, that despite a troubled property market, when buyers feel that prices have "bottomed out" and there is real value, they are ready to buy.

Explained Simon Brien, director of estate agency BTWCairns: "In 2006 and in 2007 Northern Ireland saw unprecedented levels of growth in house prices, with some properties rising over 100% in value over that period.

"The average house price in Northern Ireland soared to well over £200,000, which was well out of reach for most first-time buyers. This real issue with affordability caused a slow-down in the market.

"Fraser Houses have taken the early initiative to dramatically reduce the price of their properties by up to 40% and offer additional incentives to ease the house buying process and give buyers security."

Incentives offered by the company include a guarantee that if the buyer sells on the house for a lower price, the difference will be refunded by Fraser Homes.

The firm is also offering to pay the stamp duty on all house purchases in the current phase releases.

Aylesbury Place in Mayfield Garden Village is a development of mixed housing, ranging from luxury two-bedroom apartments to three and four bedroom detached and semi-detached homes.

Meanwhile, the Royal Institution of Chartered Surveyors has urged the Government to act swiftly and decisively on a range of proposals to help the buying and selling process.

With housing sales in general at their worst level for 30 years, the Institute this week proposed a comprehensive set of measures which, it believes, would kick-start the market now and significantly improve the consumer's experience of buying, selling and occupying property in the future.

RICS cites tackling mortgage liquidity as the crucial first step towards rescuing the situation. It wants the Government to incentivise the issuance of new mortgage backed securities and covered bonds to give investors the confidence to return to the market.

Commented RICS Northern Ireland director, Ben Collins: "There is no silver bullet but RICS is calling for a joined-up, comprehensive approach to bring back confidence and to give the public clarity about what is available. Proposals to support first time buyers as they save for deposits and for the reform of stamp duty would be particularly welcome in Northern Ireland."