Not a single bank or lender that took part in the UK’s largest commercial lending survey would be prepared to lend against speculative development, it has been revealed.

The UK Commercial Property Lending Market report by De Montfort University, says progress has been made on commercial sector legacy debt, which dropped 6.8 per cent last year, from £228.1bn to £212.3bn. New lenders to the market also increased their market share to 8 per cent.

But the report says between £72.5bn and £100bn will struggle to be refinanced on current market terms when the debt matures as it has an LTV of over 70 per cent.

The survey also shows a continuing draining away of development finance, and reported that, for the first time, not one of the banks or lending organisations surveyed would be prepared to lend against a speculative office development.

The survey of 72 lending teams from 63 banks and other financial groups found that 2011 started with a degree of optimism for the commercial property lending market. But this changed dramatically during the second half of the year as the crisis surrounding the Eurozone and the sovereign debt of member states brought “extremely tough times” to the economy.

Banks still face a significant overhang of pre-recession property debt held on their balance sheets, it says, with approximately £51bn due to mature during 2012 and a total of £153bn – 72 per cent of outstanding debt – by year-end 2016.

Respondents also expressed concerns about how the Financial Services Authority (FSA) planned to implement ‘slotting’, which would introduce additional regulatory capital requirements to real estate lending, suggesting the consequences of the changes would be to reduce the volume and increase the cost of business.

Bill Maxted, author of the report, said: “The debt crisis is regarded as a real threat to asset values in the UK, and globally, and is a problem that has to be solved before national economies and lending markets can start to improve.”

Liz Peace, chief executive of the British Property Federation, said: “Lenders continue to chip away at this legacy of property debt but the economic situation – in the UK and overseas – means they do so with one hand tied behind their backs.

“These figures underline how important it is for the government to use all of the tools at its disposal to encourage new debt buyers into the market, and to urgently find new ways to encourage new investment and to spur economic growth.”

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• Major housebuilders expected to see double-digit profits in 2012
  

  20 July 2011

• Warm outlook for underfloor technology
  

  9 January 2012

• Future ‘bright spots’ give ductworkers fresh hope
  

  2 November 2011

• European commercial investments and tenancies drop
  

  31 January 2012

• Wolseley releases management statement
  

  7 December 2011

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Article source: http://www.hvnplus.co.uk/news/carillion-to-cut-1400-jobs-following-fit-fiasco/8630273.article?referrer=RSS

Details and pictures of all 19 winners from the HV News Awards 2012 can now be viewed here

The HV News Awards 2012 is supported by headline sponsor Pipe Center

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• Belfry to sponsor HV Partnering Initiative of the Year Award
  

  27 March 2012

• Carbon Trust Implementation sponsors HV Award
  

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• Partnering Initiative of the Year
  

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• Domestic HV Product of the Year
  

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Details and pictures of all 19 winners from the HV News Awards 2012 can now be viewed here

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• Domestic HV Product of the Year
  

  2 May 2012

• Partnering Initiative of the Year
  

  2 May 2012

• BLF benefits from HV News Awards
  

  1 May 2012

• Asbestos survey exposes industry’s shortcomings
  

  1 May 2012

• Asbestos rules updated to match EC requirements
  

  18 April 2012

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Details and pictures of all 19 winners from the HV News Awards 2012 can now be viewed here

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• Domestic HV Product of the Year
  

  2 May 2012

• Partnering Initiative of the Year
  

  2 May 2012

• BLF benefits from HV News Awards
  

  1 May 2012

• Asbestos survey exposes industry’s shortcomings
  

  1 May 2012

• Asbestos rules updated to match EC requirements
  

  18 April 2012

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Details and pictures of all 19 winners from the HV News Awards 2012 can now be viewed here

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• Domestic HV Product of the Year
  

  2 May 2012

• Partnering Initiative of the Year
  

  2 May 2012

• BLF benefits from HV News Awards
  

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• Asbestos survey exposes industry’s shortcomings
  

  1 May 2012

• Asbestos rules updated to match EC requirements
  

  18 April 2012

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Details and pictures of all 19 winners from the HV News Awards 2012 can now be viewed here

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• Domestic HV Product of the Year
  

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• Asbestos survey exposes industry’s shortcomings
  

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• Awards celebrate industry success
  

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Coleraine Borough Council is alerting people to a potential safety issue with a Sensor Safe Ltd Carbon Monoxide Alarm SF80190, according to the Coleraine Times.

Sensor Safe Ltd contacted Council’s Environmental Health Department concerning this potential safety issue with their product.

A spokesperson for Sensor Safe Ltd said: “Recent test results have confirmed that these alarms may not detect certain levels of Carbon Monoxide and as a result have been taken off sale. All existing stock has been quarantined while recalling those already sold.

“We would ask any customer in possession of the above carbon monoxide alarms to stop using them immediately.

“Please return any alarms to the place of purchase. Sensor Safe Ltd apologise for any inconvenience caused.”

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• Carbon monoxide is a cause for alarm
  

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• New statutory requirements for CO alarm safety welcomed
  

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The Chanchellor should attend the Clean Energy Ministerial, says the Renewable Energy Association

REA Chief Executive Gaynor Hartnell says, “The Treasury has been marginalising renewable energy, but evidence in the UK and from around the world shows renewable energy should be at the heart of Government’s growth strategy.

“We recommend the Chancellor attends the Clean Energy Ministerial. The potential for renewable energy to stimulate much needed growth and employment is understood by the major economies attending this important event today. The UK should be taking this major economic opportunity every bit as seriously.”

The start of the Clean Energy Ministerial comes as the Renewable Energy Association’s (REA) major new report ‘Renewable Energy: Made in Britain’, launched yesterday with Energy Minister Greg Barker, shows that the UK renewables sector grew an average of 11 per cent from 2009-2010, with even greater growth achieved in some technologies.”

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• Hungary and UK join on low carbon finance
  

  25 October 2011

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Article source: http://www.hvnplus.co.uk/news/rea-calls-for-chancellor-attendance-at-energy-ministerial/8629657.article?referrer=RSS