And the borough is short on housing.

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The second leg of the argument seems to have fallen short, as the Census Bureau's figures on housing starts, and the Mortgage Bankers Association's (MBA) index on mortgage applications are both down substantially.

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Properties on the site have been placed on the short-list for the 2011 Saltire Society Housing Design Awards.

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His argument goes like this: because there is a relatively short supply of land on the market, a handful of housing developers dominate the market.

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By then it will be time to focus short-term again on the next monthly economic reports, from the housing industry, consumer confidence, and employment reports.

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On Tuesday, the Commerce Department reported housing starts reached 625, 000 in November, well short of the 736, 000 expected by Wall Street.

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"At the start of 2008, first-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short term, " said Rics senior economist David Stubbs.

BBC: NEWS | Business | Mortgage approvals drop further