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Commercial real estate lending in the UK falls by 24 per cent - Poll
Also commercial real estate loans decreased by 18 per cent in comparison to the first half of 2016, as the De Montfort University poll showed. Since the Brexit poll in June last year, investor concerns about the healthcare of the UK commercial real estate markets have been high. Some £18 billion of commercial real estate investment trusts suspended trade for several week after the poll, as small traders fearing the property price slump reclaimed their cash.
According to the poll, less commercial property is funded by outside capital and creditors are worried about the UK economy. "US bankers were most worried about the markets if you look at all facets of the real estate fundamental, Brexit and a possible interest rates rise," she said. It is widely anticipated that the Bank of England will increase interest rates next week.
US banking credit declined by 28 per cent and insurers reduced credit by 39 per cent, according to the poll. At the end of 2016, non-bank creditors, such as wealth management firms, boosted their loan volume by 9 per cent. Real estate in the centre of London accounted for a 42 per cent share of new loan business. "The study is in line with anecdotal reports about a tranquil but mainly working transaction market," said Peter Cosmetatos, CEO of the Commercial Real Estate Finance Council Europe.
At the end of June, the entire real estate mortgage owed amounted to 211 billion books, the poll said. The Montfort study interviewed 78 creditors, including 43 banking institutions and home loan and savings associations, 11 insurance companies and 24 other non-banks.