I solved this problem. The issue was caused by url reservations under port 80.
Hopefully, the following may be of use to someone else that has a similar problem.
Using the following command I lised the current reservations:
netsh http show urlacl
There were multiple reservations listed but there were three that referenced port 80
I did not add these myself and suspect the Reports and ReportServer came about from a SQL 2008 installation (I am not using the SQL 2008 Reporting Services so deleting them was not too much of a concern; however, it was necessary to remove them for this solution to work)
I used the following command to delete these reservations:
netsh http delete urlacl http://+:80/Temporary_Listen_Addresses/
netsh http delete urlacl http://+:80/Reports/
netsh http delete urlacl http://+:80/ReportServer/
After this the site worked as expected.