When will the commercial property deleveraging end?

Lenders have already made substantial progress in reducing the stock of commercial property loans on their books. But there is more to do and net lending flows are likely to remain negative for some time yet. By the end of 2015, our projection is that the stock of commercial property debt will have fallen by about £30bn to £170bn, which will equate to about 7% of total outstanding loans on the books of banks and building societies.