COMMERCIAL property agent Colliers CRE slipped into the red during the first half of 2008 as the credit crunch hit the market.

Fee levels slumped to £40.04m from £49.63m last time amid “softening” demand for property services – resulting in losses of £4.49m compared with profits of £3.01m before.

Colliers said a review of the group’s costs would result in savings of £5m in the UK business this year and £10m a year after that.