Banks facing commercial property meltdown

At the height of the property boom in 2006, Shrewsbury's shopping centre was sold for £118m with only six of its 135 units lying empty.

The value of shopping centres had soared as money poured into commercial property.

Four years and one slump later, 29 units are empty in Shrewsbury's centre which was sold last month at a price believed to be half of the 2006 figure.

All over the UK, negative equity is now widespread in the whole of the commercial property sector - one informed estimate says it could be as much as £50bn. (more)