Property lending (Mar.) & CIPS/Markit construction PMI (Apr.)

Net commercial property lending flows were very weak again in March, with the total for Q1 as a whole the worst on record. Clearly, this will do nothing to ease concerns about increased forced sales of property this year, nor the associated downside risks to capital values. Meanwhile, the latest PMI showed that commercial construction activity rose again in April, but at a slower pace than in March.

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