Twitter Facebook RSS FEEDS

British Land makes first loss in 20 years

Tuesday, 20 May 2008 10:48 AM

Developer British Land has posted its first loss for 20 years on falling commercial property values.

The company, which is the biggest developer in London, recorded a loss for the year of £1.56 billion compared to a £2.45 billion profit last year.

Net income from rent was flat at £561 million, while income from fees fell to £70 million from £83 million last year.

Overall, property values fell from £14 billion in 2007 to £10.5 billion in 2008.

The decline in property values continues but has slowed in 2008 to date, the company said in its statement.

British Land said there are increased signs of investor interest at current levels; however, sentiment remains volatile.

Chief executive Stephen Hester said: "In 2007/8 British Land's portfolio outperformed the property market indices, benefiting from attractive rental growth.

"Nevertheless values fell, driven by broader market turbulence. We remain in a stressed economic and market environment.

"However, British Land has never been in better shape to weather the downturn and emerge with growth prospects intact or even enhanced. The anchor of our business - strong, secure cash flow, exceptional balance sheet security - is firmly in place."

Although net asset value dropped 20 per cent, analysts had been predicting worse, and British Land gained 6p, or 0.8 per cent, to 794 pence at 8:20 BST in London.

Sarah Routledge

Related stories

Average deposit has risen twice as fast as house prices and almost four times as fast as incomes, says First Direct. Image: Thinkstock

Housing deposits rise tenfold in 20 years

Buyers hit as average deposit rises twice as fast as house prices and almost four times as fast as incomes, says First Direct.

Hair loss is associated with the stress of buying a new home.

House buying makes you feel two years older - Phil Spencer video included

Study by psychologists says stress from buying or selling can make you lose your hair, your memory and your sex drive.
Homes sold at lost

1 in 20 homes sold at loss

1 in 20 homes sold at loss

Saving a more realistic 50 per cent of their discretionary earnings, getting on the ladder would take an average of 20 years in London.

First-time buyers face years of saving for deposit

Home Builders Federation calls for mortgage indemnity guarantee as report reveals huge deposit gap.
Cardiff Bay boardwalk

Welsh councils need to identify land for housing

More than half the councils in Wales have not identified enough land to meet housing needs over the next five years.

 Stamp duty threshold increase 'pointless for FTBs'

Stamp duty break 'makes no difference to first-time buyers'

Stamp duty break 'makes no difference to first-time buyers'
Mortgage payment reminder

Mortgage repayments most affordable in 12 years

Eight of the ten areas to have experienced the biggest improvement in affordability are in Northern Ireland.

 Grant Shapps says that the self-build industry is riding the crest of a wave. Image:Thinkstock

Kevin McCloud boosts drive toward British self-build

Grant Designs presenter joins delegation to Dutch city to see biggest example in Europe of people building their own homes.
We imagine that people will still have sofas in the future.

Web TV show: How will the average home look in 40 years?

In 40 years, the average British home has changed beyond measure, in this web TV show we ask Mike Farley from Persimmon Homes how he thinks it will look in another 40.

 Aberdeen

Scotland’s first sustainable village planned

The Kincluny Development Trust has submitted a proposal outlining plans for a development incorporating social enterprise principles.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.