Events have a nasty habit of unravelling the best-laid plans. Anyone who still thinks property development is the yellow brick road to regeneration is probably still looking for the pot of gold at the end of the rainbow. That isn’t to say construction has ceased to have value. Our towns and cities still need well-designed buildings and renewed centres. But those who are pinning their faith on development to usher in an urban renaissance may be disappointed. Some developers will batten down the hatches, retreat from regeneration and seek opportunities in less challenging markets.