The environment for housebuilding continues to be depressing with many economic indicators showing why the industry is currently on its knees.

Molior recently reported that the number of housing starts in London for the past year was a miserly 5,000 units against a stated target of 88,000. The maiden budget of this government removed the stamp duty tax breaks increasing this damaging tax by an average of 18%.

This has provided the Treasury with an extra £2bn of revenue since it was introduced, which, of course, comes directly out of the sector reducing liquidity and acting as a major disincentive for people to move house.