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Yes, that's true. But the point is: it's possible (even advantageous) to build in a recession and the reason that we didn't is for a political reason (the need to keep house prices high, as so many people were property owners). And, yes, the banks did become risk adverse but that's because...

As I said, much of the housing development in our city was during the recession of the 30s: Moulsecoomb, Patcham, Hollingbury, chunks of Hove, a bit of Coldean were all built then. Builders could have built in the UK if they'd wanted to.

Indeed. One of the biggest booms in housing in British history was in the 30s, when we were in an economic slump. Much of Brighton's outskirts were developed in this period - it's when the house I grew up in Moulsecoomb was built. Interest rates are low, making it easier to borrow and labour...