EVEN in Biblical times, things were cyclical and they said that after every great feast there comes a great famine – and so it is true about the commercial property market. Having endured 15 years of spectacular growth until the recent credit crunch, we are now encountering property values being crunched back at least 10 years or so to reflect the current market.

And, as such, banks are having recourse to the majesty of the Law of Property Act 1925.

I’m not sure if this is a recession or a depression, and I don’t subscribe to the double-dip theory, but I do feel it will be a long haul.

The dynamics of this recession are, however, different to 1993.

Most properties will have at least one extra zero on their value and some banks are competitors to purchase any perceived prized assets that they have already lent on.

If you were a graduate joining the property profession today, it could be said that “we are where we are”, and so this is the present, and a 2006 valuation has generally about as much relevance to the truth as the man in the moon.

Our role as Law of Property Act Receivers (LPA) is often misunderstood, as we are often perceived as someone who sells properties below market value.

It should be understood that, in the first instance, we are appointed as LPA Receivers due to a breakdown in communication between the bank and the lender, in so much we are appointed as the borrower’s agent.

As such, our role is to remove the bank from the theatre of confrontation and produce an exit strategy.

There is a general belief that we sell properties below market value, but, as a former senior partner once said, “the market is the true barometer of value” and as such everything is only worth what can be achieved today.

It may come as a surprise, but what we do is an art, although not a black art, and we do exercise a duty of care, and in so much that in most cases we have to prove our case to sell a property before proceeding.

But I would resist any negativity, and while I accept that not everyone can play, the opportunities that exist today in the market are limitless and have not been around for 15 years, and for the fortunate ones the world is their oyster.