Property giant Hammerson has reported a fall in property valuations within its £7bn (€8.8bn) portfolio and heralded a difficult period ahead for UK property, a day after rival Liberty International did the same, signalling that a rise in UK commercial property values is still far off.

Hammerson reported today that its £4.8bn UK portfolio fell in value by 9.2%, while its £2.3bn French portfolio increased by 0.3%. The company's overall property portfolio, which includes £92m held in Germany, fell 6.4% in value.