Research by property consultants, Drivers Jonas, has suggested that currently developers are not confident that they will be able to lease buildings once they are completed. 

Anthony Duggan, head of research at the company also believes that the problem is down to lack of funding: "The second issue is the availability of finance, in that developers all struggle to get finance to build the buildings due to the credit crunch," he said.

James Thompson, a developer with Rock Investments, believes that the boost that the market desperately needs should come from the lenders: “The major banks need to get on board by introducing a selection of better deals for developers. It’s in their hands to kick start the market.”

The building and construction industry has also been badly affected, and what was once a potentially lucrative career path has become less so, as the number of developments has dwindled. Another survey by Drivers Jonas has showed that construction activity has fallen by 20% since June.

Hopefully there will be movement soon so that we don’t see further massive job cuts, further adding to the already bleak UK unemployment figures.

By Danielle Williams