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That’s a good analysis. I would’ve liked to have seen some analysis of the big house builders role. They have an influence in the sense that they hoard land banks, and build when the market is buoyant but don’t when it is not. It has an equalising effect on prices.

I wrote a little about this in a recent piece on Burnham's decision to bring back right to buy - and how much it inflated the big developers' profits. Might be worth a longer read now the policy is definitely coming back

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