Bridging applications and completions rebounded in the second quarter of 2022, with the latter up 17.4 per cent on the previous quarter.
Completions were just over £1.2bn in the quarter ending June 2022, according to the latest data from the Association of Short Term Lenders (ASTL).
This means that completions have now been more than £1bn for five consecutive quarters.
Bridging applications rose considerably to £7.5bn, an increase of 18.7 per cent compared to the first quarter of the year. While the size of loan books has also risen, reaching a new high of just under £6.1bn.
ASTL chief executive officer Vic Jannels, said the results demonstrate the resilient nature of the market, which continues to “grow and mature”.
However, Jannels warned 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,” he said.
Later this year, in collaboration with the Financial Intermediary & Broker Association (FIBA) and the London Institute of Banking & Finance (LIBF), ASTL plans to deliver an optional e-learning course for those in the industry to help ensure minimum standards are met.
jane.matthews@ft.com
