UK commercial property debt has fallen to £293 billion, according to the latest UK Commercial Property Lending Market survey by De Montfort University.

Debt secured against UK commercial property fell from more than £300 billion to about £293 billion in 2010 as lenders rebuilt their balance sheets.

The report found that 67% of lenders reported a decline in the value of their outstanding loan books in 2010, the first recorded fall in the report’s history.

Lenders’ debts held on balance sheet fell from £228.3 billion at year-end 2009 to £206.9 billion at year-end 2010, a reduction of 9.4%. This included about £10 billion of debt that was transferred to Ireland’s National Asset Management Agency.

Respondents reported that £45.9 billion of loans were due for repayment in 2011 – down from £55 billion in 2010.

Report author Bill Maxted said: “There has been a measured reduction in outstanding debt that has