Net lending secured against commercial property reached £1.2bn in February, marking an improvement on January’s weak outturn, but still substantially weaker than the months preceding that and 25% down on February 2025. Looking ahead, we expect the Iran war to weigh on dealmaking over the next few months, with lending margins liable to increase on top of the rise in swap rates that has already been seen. That will keep investment totals and net lending to real estate in the doldrums.
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