The credit crunch has hit London’s commercial property

THE CREDIT crunch has hit London’s commercial property market, stalling sales of landmark City buildings and halting new developments. Lloyd’s of London, the centre of the world’s reinsurance market, the headquarters of Nomura, the Japanese bank, and the high-profile Shard of Glass development have been affected by the recent market turbulence. Private developers seeking to finance large projects or make significant purchases are finding it increasingly difficult to secure backing, despite earlier signs that well-located and let sites would escape the credit crunch.