I am afraid that you are wrong here; there is considerable precedent in this field. The court can make an Order for the return of deposits under s.49(2) of the Law of Property Act 1925. This will only be done in exceptional circumstances where there is some fault (and a high level of fault is required) on the part of the seller. see Aribisala v. St. James Homes (Court of Appeal 2007).

The NZ case is of persuasive precedent only and is clearly distinguishable on its own facts.

If there has been mis-selling, misrepresentation or any REAL Defences to be alleged against the developer, that is an entirely different matter.