A new report by the online property marketplace LendInvest reveals that four out of five of Britain’s housebuilders have gone out of business in the last 30 months. This is largely due to the dominance of the eight largest builders—responsible for constructing more than 50% of the country’s new houses. This lack of competition contributes to the UK’s massive housing shortage, which, in turn, drives up the price of homes.

According to the report, the UK government could help spur new development by making a percentage of land available exclusively for small and medium businesses, as well as simplifying tax burdens.

“"80% of small-scale developers have gone out of business since the last housebuilding boom. That’s an appalling statistic,” states the CEO of LendInvest Christian Faes. “It’s meant less employment, less entrepreneurialism and fewer new homes on British streets where large-scale housebuilders didn’t pick up the slack.” 

H/T Business Insider