When it comes to the crunch, we can still fare well

These are not the words of the careworn chief executive of the Northern Rock or a representative of the Financial Services Authority, but of Charles E Mitchell, chairman of the National City Bank of New York in 1929 just months before the Wall Street Crash and the start of the great depression.

Here in the UK, right now, wary middle England is putting the crisp notes extracted from Northern Rock back into a rival offering an equally tempting interest rate and share prices are rallying. Our credit situation is indeed, it seems, in no way critical. Whether events will eventually prove otherwise, no one can really say with certainty.

But there are a few things we can be sure of. As the money men interviewed for our article on page 14 say, times are likely to be tougher ahead – there may not be quite so many deals to be done and those that happen may be harder fought and less highly priced. The team behind London’s planned Shard of Glass have already said they are delaying development and others may well quietly follow suit.

As a whole, regeneration is expected to be less affected by the credit crunch than the commercial market in the months ahead. The need for homes remains, irrespective of the turmoil of the US housing market.

There may not be quite so many deals to be done and those that happen may be harder fought

Relief all round then? Not quite. Regeneration is not ultimately about deals, money and landmark buildings, it is about communities – with their small businesses, single mums and young would-be homebuyers. The events of the past few months are likely to make life a whole lot harder for them.

Here’s two for you

Now that the holidays are over, it is time for you to get back to the to-do list. So why not add these? Firstly, go on line to www.regeneratelive.co.uk/directoryentry and fill in an e-form for the Regenerate Directory 2007, our directory of private and public sector players in regeneration. Secondly, make a date for our Positive Planning conference in November (www.regeneratelive.co.uk/posplanning). After all, is planning so simple that you can afford to miss it?