Abbey National has taken the decision to reverse two of the mortgage rate cuts it introduced only two weeks ago. Its new fixed rate deals will show an increase of 0.15% and 0.59% from the end of May. Even then these new deals may not be around for very long as such offers are only made available for a very short period of time, sometimes just a few days. (more…)

Tesco Property Services, the online estate agency launched by Tesco last year, is to be sold to one of the sites fiercest critics, Spicerhaart. The site was established to undercut the sectors traditional players by offering a £199 do-it-yourself service, a service which Tesco later had to suspend. (more…)

The British Land property portfolio, worth an estimated £13bn, is expected to have taken a hit of £1.3bn or 10% as a result of falling values in the commercial property sector.  The news will be announced on Thursday as British Land reveals its third quarter results.

Shares in British Land have almost halved over the past twelve months and look set for a rocky ride for some time to come. Other companies and funds in the commercial property sector have seen similar results, with some funds blocking investor withdrawals to avoid selling assets to repay them.

Some brave souls believe the sector is now oversold and presents some good buying opportunities, but it’s an investment not for the feint hearted.