US, Canada banks slash share of UK property loans before Brexit

London

NORTH American banks cut their share of UK commercial property lending by half, ahead of the referendum on European Union membership as uncertainty about the vote and a cooling market damped demand for real estate.

US banks and Canadian lenders' market share dropped to 7 per cent from 14 per cent in the first six months, according to a survey of 78 lenders by De Montfort University that was published on Monday. UK banks and member-owned lenders advanced 44 per cent of all new loans, a 10 percentage point increase on the previous six months, the report by the Leicester, England-based university estimated.