The number of bridging applications, completions and loan books all rebounded in the second quarter, according to data published by the Association of Short Term Lenders (ASTL).
Figures compiled by auditors from data provided by ASTL members revealed that bridging completions totalled just over £1.2bn in the quarter ending June 2022, an increase of 17.4% on the previous quarter.
This means that completions have now stood at more than £1bn for five consecutive quarters.
Bridging applications also climbed considerably to £7.5bn, an increase of 18.7% compared to Q1 this year, while the size of loan books also experienced a rise, reaching a new high of just under £6.1bn.
“The latest ASTL Data Survey shows a very strong set of results, with bridging applications, completions and loan books all rebounding significantly on the first quarter of the year,” commented CEO of the ASTL, Vic Jannels.
“As a result, the value of loan books has now reached a record level of more than £6bn. This demonstrated the resilient nature of this market, which continues to grow and mature, attracting a wider number of customers.
“However, there is reason for caution. The value of loans has started to rise, as have repossessions, and in the current economic climate, it is vital that bridging lenders continue to operate in a way that is responsible and sustainable.”
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