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The CML believes the new procedures, which come into effect on 1 September, will ensure the conveyancing and valuation processes capture the true value of the property, reducing risk for both borrowers and lenders.

The changes have been introduced amid concerns from lenders that valuation and conveyancing processes do not always capture discounts and other incentives buyers may be able to negotiate with developers when purchasing newly-built property.

As a result lenders might unintentionally offer a mortgage based on a valuation of a property that is greater than the true price paid for it, according to the CML.

From the beginning of September, lenders will require builders or developers of any newly built, converted or renovated property to complete a new disclosure of incentives' form.

This will be reinforced in the CML's Lenders' Handbook, which sets out specific requirements for conveyancers acting on behalf of lenders in property transactions.

The CML has been working with surveyors and house-builders to ensure that the valuation of new properties is more reliable and robust.

In September, the Royal Institution of Chartered Surveyors will be amending its guidance to members to reinforce the requirement to disclose incentives to lenders.

The Home Builders' Federation and Homes for Scotland have recently reinforced their own codes of conduct to encourage greater transparency about discounts and other incentives. The CML said a number of major builders are also taking their own steps to address the issue.

Michael Coogan, director general of the CML, said: "We are introducing these measures to help sustain confidence in the market for newly-built property. Lenders need to know about discounts and other incentives so they can be sure that the decision to offer a mortgage is based on a reliable valuation of the property.

"The new measures will provide additional security and safeguards for borrowers, as well as lenders.

"We welcome the support of Rics and house-builders in implementing this solution. Responsible builders and developers understand that lenders must have confidence in the valuation process. They are supporting our initiative because they understand that, in making these changes, we will reinforce confidence in the new-build market."