The property papers over the festive period made for interesting reading. Really, they did!

There were glad tidings of course and the usual jaunty optimism prevalent amongst Real Estate people; reports of big money acquisitions and disposals, possible company mergers and exciting development opportunities coming down the track in 2024. But you could detect too, notes of caution, nervousness even, as the profession eyes those external forces which, lurking in the wings like Shakespearian malcontents, threaten to bring a sea of troubles to the property markets.

So business as usual today perhaps but what of tomorrow? Birmingham City Council has joined a list of Local Authorities with serious money problems (alongside Woking, Runnymede, Leeds and others), with the Brummies declaring themselves effectively bankrupt and looking at least 600 job losses. The Public Accounts Committee has said that the debts incurred by some UK councils pose a serious risk to local services, with BBC analysis showing that councils owe a combined debt of £97.8bn, the equivalent of £1400 per person. Woking’s debt is expected to rise to £2.6bn after spending on a high rise development in its town centre and almost £500m on the last phase of the Sheerwater housing scheme which was paused last October. Should Local Authorities have been allowed to also become Property Developers? The expertise of council employees and Town Councillors surely lies in providing public services, not speculating in high-risk investment projects.