chapter  3
4 Pages

The United Kingdom

Even if the land development process was in the hands of private developers, market considerations obliged them to follow the prices set by the municipalities. The development industry had little direct influence on the land market. It was no more than a neutral supplier of services. Because of this way of processing, municipalities did not only bear the costs of developing the land, but they also received the returns (be they positive or negative). Most building construction is done privately.