All Property Week articles in 21 December 2007
View all stories from this issue.
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Property loan defaults 'set to surge'
Bad debts from loans to non-listed commercial and residential developers could increase as much as 50% this year as property markets continue to struggle, according to property consultants EC Harris.
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House knock-on effect only moderate
House prices are likely to fall year on year in 2008 for the first time since the 1990s recession, but even a sharp market downturn may have only a moderate impact on the broader economy, economists suggest. Financial Times
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British Land set to slash Meadowhall value
British Land is likely to wipe up to another £150m from the value of its Meadowhall shopping centre in Sheffield when it updates the market in February, but that figure represents a more modest fall of 9% over three months to the end of December. The Times
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Westfield sells fund stake
Westfield Group, owner of the White City shopping centre in West London, had sold off the first two thirds of its £530m UK shopping mall fund on yields of about 4.3%. New investors may be looking to buy in at about 5.5%, suggesting price falls of about 25%. The Times ...
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Yields soften says Cushman & Wakefield
Cushman & Wakefield estimates that the average yield on top-quality City offices has widened from 4.25% to 5.25%. At constant rates, that implies a price fall of 23%. The Times
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Homes most over-priced since 1991
The average home will lose £8,000 or more of its value this year, experts say. Daily Telegraph
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Sub-prime lender to agree FSA capital plan
London Scottish Bank, the troubled sub-prime lender and debt collector, expects to agree a plan with the Financial Services Authority to address its capital shortage by the time of its results on January 23, Robin Ashton, its new chief executive said yesterday. Financial Times
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Marks & Spencer eyes India expansion
Marks & Spencer which has about 20 franchises in India operated by Planet Retail, plans to set up 500 more stores in the country by June with an investment of $125.9m (£63.1m). The Associated Chambers of Commerce and Industry of India has forecast that the country’s retail sector is set ...
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Peace and Wyatt win New Year’s Honours
British Property Federation chief executive Liz Peace and Quintain chief executive Adrian Wyatt are the most prominent property names in the New Year Honours List.
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Office rents could plummet as demand slumps
DTZ has warned that office rents may tumble next year, dealing a second devastating blow to landlords who have already seen the value of their portfolios plummet in recent months.
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Commercial property loans stopped
Some of the City’s biggest investment banks have stopped lending to commercial property buyers, stifling deals in an already depressed market according to reports in the Sunday Telegraph.
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Worst over for property funds?
Two of the UK’s largest property funds are expected to revalue assets this week, giving a clearer indication of how the market has fared over Christmas.
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Waitrose in first foreign foray
Waitrose stores will open abroad for the first time in April after a licensing agreement to open more than 20 sites in the United Arab Emirates by 2010. Financial Times
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Champagne houses look to English land
Leading champage houses are looking across the Channel in search of new vineyards to meet a boom in demand. Sunday Telegraph
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House price growth falls again
The annual house-price inflation rate fell in December to its lowest level since May 2006 after prices dipped for a second month in a row, according to figures from Nationwide.
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Shareholder group urges Rock sale block
The UK Shareholders Association, which campaigns for thousands of small investors, is recommending that Northern Rock shareholders vote in favour of resolutions that could block efforts to sell the stricken bank. Observer, Financial Times
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Home owners wary of reporting bad neighbours
Neighbours are getting away with anti-social behaviour because homeowners fear they will affect the price of their properties if they make official complaints, according to a report by conveyancers Convex.net. Financial Times
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Mortgage lending data due
Bank of England data, due out on Friday, is expected to show that mortgage lending increased slightly in December to £7.4bn, from £7.3bn in November, while mortgage approvals are forecast to remain unchanged from November’s 88,000. Net consumer credit is expected to ease to £1.3bn, from £1.4bn in November. The ...
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14,000 acres of Green Belt lost
Almost 14,000 acres of Green Belt land have been lost to development since Labour came to power, figures have shown. Daily Telegraph
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India set for REIT route
India’s stock market regulator has issued draft rules that will pave the way for the introduction of real estate investment trusts to serve the country’s booming property market. Financial Times
