Hit for Savills and British Land as property market remains under pressure

E state agent Savills and commercial landlord British Land disappointed investors on Wednesday as the property sector continues to face a weaker market. British Land said that it had significantly written down the value of its property portfolio after rises in interest rates. "Higher interest rates have inevitably had an impact on property market yields and, as a result, the value of our portfolio declined by 12.3%," it said. The business said that some of these pressures appear to be easing and it was trying to create medium to long-term value. Shares in British Land fell 6.6% following the news….