(Click on the chart for a sharper image)
The commercial property crash is rarely mentioned, but it is just as vicious as the one currently raging in the residential market. UK Banks are dangerously exposed to commercial real estate. Declining rental values and property prices threaten to weaken already battered bank balance sheets.
Prices are already down over 40 percent since the peak in early 2007. They could fall further and easily outstrip the fall in residential prices.