The regulatory regime in the United

The regulatory regime in the United Kingdom might go some way to explaining the housebuilding industry structure. The tight control of land as a result of planning constraints has meant that mergers and acquisitions of firms, often between the largest housebuilders, have become a means of gaining access to developable land and building up strategic land banks. As a result, the industry has become increasingly concentrated in the hands of a very few large firms. In contrast, in the United States, where land is more readily available for develop­ ment, the incentive for such strategy is diminished.