Not really.

While I don't doubt that the would be a healthy stream of buyers if they started selling the flats at ?120,000 that's not really how the economics of house builders works.

There will have been competition for this site. It is highly unlikely that they picked it up for a song and were set to make 50% profit on the flats if sold at the original prices.

They have basically been caught by the market turning against them. There's lots of comment on here about the prices relative to the averages locally but all this shows is how little development has taken place (otherwise you would be all too familiar with the premium that builders invariably charge for new properties) and how low average prices are in SE23.

They are never going to do anything other than pursue the option that is most economically advatageous to them, or as it now looks, the least economically disadavantageous, and it is bizarre that anyone should expect anything else.

Well, it looks like being another great SE23 success story...