 |
Songbird Estates, the commercial property firm that owns over half of London’s Canary Wharf, has reported that the value of its property fell by 4.3% in the second half of 2007.
The company expects further write downs in the value of its portfolio in the first-half of this year, as the global financial crisis continues to impact on the UK commercial property market.
The market value of Songbird’s portfolio stood at £7.3 billion at the end of December 2007, down from £7.5 billion at end-June. However, the December 2007 figure is up 4.8% on the same month in 2006.
Songbird says that it is confident that the quality of its portfolio means that rental income will be maintained, stating: “The high quality of our assets, the low level of vacancy and focus on active asset management mean we look to the future with confidence.”
For the time being, the firm says it will cease all speculative projects but has confirmed that the development of London premises for Bear Stearns, the troubled US investment bank will go ahead.
Stamp duty for southern first-time buyers exceeds £7,500
Property website, SmartNewHomes.com, estimates that stamp duty for those buying a first home in the South of England averages 7,533. London first-time buyers ar...
Asking prices rise as housesellers ignore market realities
Rightmove has reported that in March, the average asking price of a UK home rose 0.8%, or 1,799, to 239,655. The property websites commercial director, Miles Sh...
Rates increase on empty commercial property
The Government is warning owners of empty commercial property that vandalism aimed at avoiding paying increased rates will not be tolerated. From April, local a...
Housing market predictions shift as credit crunch continues
The latest house price index from Nationwide shows that the cost of the average UK home has declined almost 7,000 since October of last year. In March, the inde...
Part-exchange - a different way to move house
A slowing housing market has led some vendors to look into the benefits of part-exchange, also known as PX among the UKs housebuilders. In recent years, tens of...