Commercial enquires surged in October
Demand for commercial mortgages surged in October both month-on-month and year-on-year according to data from the National Association of Commercial Finance Brokers’ (NACFB) findSMEfinance platform.
Enquiries more than doubled more than doubled (132%) from October 2015, while they increased by 75% from September 2016.
There were applicants from a range of businesses such as restaurants, bars and other consumer-facing enterprises, which the NACFB said could be seen as a renewed vote of confidence for the high street.
Much of the growth was London centric, with enquiries in the capital making up nearly two thirds (64%) of enquiries.
Paul Goodman, chairman of the NACFB, said: “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 SME community has got over any Brexit-related nerves.
“While some of those businesses will also be looking to avoid steep commercial rents, especially in the capital, the confidence to take out a commercial mortgage bodes well for the future.”