All the big housebuilders have seen a sharp increase recently in the number of homebuyers walking away from new developments, in many cases sacrificing a reservation fee of perhaps £500 or £1,000. But the big worry is that, if the credit crunch deepens, people may even start walking away from deposits. At greatest risk are the large town centre developments that, until recently, provided developers with virtually guaranteed returns.

One of the most high-profile schemes is the £357 million redevelopment of Arsenal's old Highbury stadium. In his wisdom, Keith Edelman, the now-departed Arsenal managing director, decided that the North London club would make more money by redeveloping the stadium itself rather than selling out and enriching a developer.

So far, the news from The Stadium Highbury Square, as it has been dubbed, is positive. About 95 per cent of the 600 apartments in the scheme have been pre-sold at prices ranging from £250,000 to £1.5 million and, despite the credit crunch, the club claims that, to date, only two purchasers have walked away, presumably leaving their deposits of between 10 and 20percent behind.

The big test will come in August, when the South Stand apartments are ready for occupation and buyers have to stump up the outstanding balance on completion. An Arsenal spokesman says that no problems are envisaged. Which is just as well, as the club looks as if it could do with the money to buy a few decent players to mount a challenge to Manchester United and Chelsea.

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