More than one-third of UK commercial property deals offered prior to the country’s vote to leave the European Union have now completed, according to Cushman & Wakefield.

A further 15% of deals, worth £2bn (€2.24bn), are currently under offer, the firm said.

The proportion of deals not proceeding has reduced both in London and regionally.

A greater share of deals have completed in the UK capital than the rest of the UK, at 36% compared with 30%, Cushman & Wakefield said.

Nigel Almond, head of EMEA capital markets research, said: “Four months on from the vote and the majority of deals that were live at the time are still yet to complete, underscoring the fact transactions are taking longer to progress.

“The next few weeks will provide a clear market barometer, with more than £1bn of assets expected to go to best bids.”

Among deals that have completed, both private investors and property companies have been active across London, with a broadly equal share of capital from domestic and overseas sources.

Cushman & Wakefield said 80% of overseas investment had been in London.

Outside London, domestic funds have been particularly active, which highlights that, despite the attention it garnered, the open-ended fund crisis was limited to a small number of funds.

“Several deals that were pulled in the immediate aftermath of the vote have returned to the market with adjustments to pricing,” Almond said.

“The past month has also seen plenty of new investments offered to the market.” 

Cushman & Wakefield said there was a “clear polarisation” in the market in the level of progress by lot size, with 68% of assets under £20m completed, compared with just 17% for more than £100m.