I'm copying this article in from the Telegraph.
Residential building land, one of the core assets of most housebuilders, plummeted in value by 20pc in the first six months of the year and could fall by up to 50pc before the current slump is over.
Research by estate agent Savills shows the value of brownfield sites, down 19.8pc, and greenfield sites, down 22.5pc, fell by roughly four times the rate of the housing market as investors deserted the sector.
With development land a key part of most housebuilders' asset bases, the valuations will be a major concern for the struggling sector.
This does not look good as far as redevlopment of Boundary Park goes. The price of the land is dropping fast, whilst construction prices are rising. Can the sale of the land ever pay for the building work which TTA has planned? I doubt it, and therefore scaling back will no doubt have to occur.
I think TTA made a big mistake in demolishing the Lookers stand before money was available to rebuild. We face a three sided ground with capacity of just over 10,000 (unless the police cut it) for years to come. This would be a disastrous loss of revenue in the Championship.