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The economic crash following the so-called ‘credit crunch’ has caused property prices to nose dive since their peak in 2007. This has led to property developers and house builders to “retard” their construction projects. The colossal drop in land prices has served to further irritate this problem because house builders, who bought land during the peak, have chosen not to build on them yet until, when they hope, property prices rise again. Also they do not wish to sell the land due to the massive reduction in its value.