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Bridging sector slides in Q2 – ASTL

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  • 17/08/2018
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Bridging sector slides in Q2 – ASTL
Bridging lending reversed its recent strong gains as the value of transactions completed dipped 6.6% in the second quarter of 2018 compared to the first three months of the year.

 

In each of the previous two quarters the Association of Short Term Lending (ASTL) reported business of more than £1bn conducted by its members.

Data from members of the trade body also showed a decrease by 2.9% in the number of applications received by lenders between April and June.

The size of members’ loan books fell by 3.5% but remained above £4.2bn.

 

Annual improvement

However, on an annual basis the figures maintained the rise with £3.87bn worth of completions in the year to the end of June 2018.

This was as a result of a 10.3% increase in lending during the second quarter compared to the same period last year.

Applications were also up by 16.3% compared to the year ending June 2017, totalling £20.2bn in the last three months.

The trade body noted that while applications tend to be unreliable indicators and are dependent on how many lenders are offered the same deals, the trend showed how large the sector has become.

ASTL CEO Benson Hersch (pictured) said: “Although figures for Q2 2018 are down on the two previous quarters, they remain high.

“The property market may be difficult at the moment, but responsible bridging lenders continue to prosper.”

 

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