Regeneration projects worth billions of pounds have been left on the drawing board as property companies and councils struggle amid the credit crunch.
Thirty-two of the biggest 100 schemes in the UK have been delayed, according to research published today.
With debt much harder to obtain and property values and rents tumbling, many projects have come to an abrupt halt.
Those on hold include Eastgate Quarters, a proposed shopping centre and 600 flats in central Leeds. Hammerson, the developer behind the project, was recently forced to admit that works were 'unlikely to commence before an improvement in economic conditions'.
Some schemes have been scrapped, including the £290m “King Alfred” project in Brighton and the £266m scheme at Weavers’ Triangle in Burnley.
There has also been an increase in the amount of public money needed to proceed with such schemes, according to the report.