THE Christmas invites are pouring in and, reading between the lines, it looks like being a rather more sedate season than in recent years. Extravagant lunches at Guilbauds et al have given way to modest drinkies in the office as developers and agents take their cue from the market.

It doesn't look good to be quaffing champagne while jobs are under threat and profits projections are dismal. In many cases directors and partners will be taking a cut in pay - not to mention a sharp reduction in their bonuses.

It's little comfort that the big-time bankers and stock brokers are also likely to take a serious hit to bonus and entertainment budgets. Still, there will be comfort in the knowledge that the entire industry is taking a hit with even the greatest optimists out there now admitting that the market is in a bad way and unlikely to get better for some time. Cheers and pass the Blue Nun!