British Land expects “exceptional buying opportunities over the next six to 24 months”. All property cycles throw up distressed sellers and British Land, one of the UK’s largest real estate investment trusts, hopes to be among the growing crowd of bottom-fishers looking to hook bargains. Great Portland Estates and Shaftesbury this week joined Max Property, a new Aim-listed property company, and several unlisted companies in raising new equity to build up war chests.

It is still too early. Valuation declines may be slowing, but can hardly be ignored. Thursday’s 8 per cent fall in British Land’s shares reflects reluctance to read too much into signs of stabilisation the company sees in its superstores. Such outlets account for only 12.4 per cent of the portfolio and even these were still falling in value by almost 3 per cent in the quarter to March 31. Taking the group’s retail portfolio as a whole, values were down by 8.3 per cent on the prior three months. British Land’s office portfolio, meanwhile, declined in value by 10.5 per cent. With the overall portfolio down 9.2 per cent on the quarter, and 28 per cent on the same three months of 2008, those gathering resources in order to plunge back into the market should feel no need to rush. Except perhaps for some prime properties, downward pressure on rents and values is likely to continue.