Commercial mortgage enquiries see 132% increase on last year
Figures suggest "a renewed vote of confidence for the high street" as interest surges from consumer facing businesses
Commercial mortgage enquiries from small businesses jumped by 132% in October on the same period last year, according to the National Association of Commercial Finance Brokers’ findSMEfinance platform.
In what NACFB describes as “a renewed vote of confidence for the high street”, enquiries also increased by 75% on September 2016, with applications coming from a range of consumer facing businesses including restaurants and bars.
London saw the biggest rise in enquiries (64%), which was more than six times as large as the Midlands (9%), which saw the second biggest increase in mortgage enquiries.
Earlier this year, NACFB revealed that £5.2bn worth of commercial mortgage business was written in the year up to June 30 2016 – an increase of 55% on the previous year.
Paul Goodman, chairman of the NACFB, commented: “Appetite for commercial mortgage finance is a good indicator of small business confidence as it shows firms are confident enough to commit to the long term.
“Last month we saw a huge uplift in enquiries from a variety of businesses – ranging from publicans and smaller retailers to hairdressers and restaurants – so it’s starting to feel like the small business community has got over any Brexit-related nerves.”
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