The collapse of the Stewart Milne Group earlier this month left many in the industry scratching their heads. How such a large housebuilder could find itself in administration? And is its failure a bad omen for the rest of the housing sector? 

Housing Today took a look at the firm’s accounts going back nearly a decade to find out how this once healthy firm fell into trouble and discovered a homegrown crisis of dwindling assets rooted in the slump in the oil-linked property market around Aberdeen and the firm’s hesitance to buy land during Covid.