At the year end, construction work at 61 house-building sites where at least 20 homes are due to be completed had been halted with the gates padlocked. Together they accounted for just over 6,000 half-built homes at a time of severe housing shortages across London.
They include the dramatic spike in interest rates after Liz Truss's mini-Budget in September 2022 that sent demand for new homes plummeting and prices falling, the collapse of a number of major building contractors in 2023, soaring costs that have made some schemes unviable and new safety and environmental building regulations from the Government that have forced builders to redesign their plans.
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