Last month, the Herald launched a campaign calling for action on the Woolmead site, the infamous eyesore on East Street.

So far, local politicians, businesses and residents have backed our call for the site’s owner, Homes England, to speed up development on the land.

Farnham has lived with a dormant construction site at the Woolmead since 2018. The question remains: why is it still unfinished?

Berkeley Homes was initially optimistic about developing the site after its demolition in 2018. The company projected completion by late 2021, but soaring costs forced it to mothball the project, hoping it might once again become financially viable.

Waverley Borough Council member Cllr Mark Merryweather said: “There should be some sort of mechanism where Homes England can lose value on the site and it could go to other public organisations for the benefit of the community. The private market has failed as there is just not much interest in the site.”

Construction costs in the UK have surged in recent years, rising an estimated 15 to 20 percent since 2020. Prices for materials such as steel, timber and cement have jumped.

Two other factors have driven costs higher: the Covid-19 pandemic and Brexit, both of which disrupted global supply chains. Labour costs have also escalated, with the industry having relied heavily on European workers pre-Brexit.

Berkeley Homes has been accused of “land banking” to inflate the site’s value. But with Homes England struggling to secure a buyer, critics say the market simply isn’t there for a development of this scale under current planning permissions. The money spent to acquire the land may no longer justify construction costs.

Now, as the Woolmead is set to return to the market at the end of the month, Farnham is once again calling for Homes England to ensure the site is finally brought back to life.