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17/12/2008
Commercial property concerns 'deepen' |
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The UK has seen the value of UK commercial property loans that are in breach of their agreed terms increase by more than 300 per cent in the last six months, it has emerged.
According to new figures from the Leicester Business School, De Montfort University, the sector's total debt reportedly climbed slightly during the six months to July 2008 to £208 billion.
The Financial Times has claimed that the value of loans in breach of financial covenant represented around 3.3 per cent of the total loan book - or around £7 billion of total debt.
This figure is more than treble that which was reported at the end of 2007.
It was also found that more than £76 billion worth of commercial property debt needs to be refinanced before the end of 2010.
The Royal Institution of Chartered Surveyors has stated that commercial property capital values could fall by one-quarter in the next two years. |
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