Two of Britain’s largest property companies are set to announce combined asset writedowns of £2.3bn this week, confirming the bleak outlook for the sector. Sunday Telegraph

British Land, the UK’s second largest REIT will report a £1.9bn writedown in the value of its net assets when it reports full-year results on Tuesday, while construction and support services group Carillion is expected to write off about £400m related to its acquisition of Alfred McAlpine.

The company is due to make contract 'settlements' of about £100m as it readjusts downwards the money it expects to receive from some of Alfred McAlpine’s jobs.

Although British Land’s results will come in at the high end of analysts’ forecasts, it still represents a 21% cut in the £8.9bn figure the company reported last year.