That’s according to a poll of advisers by lender TAB, carried out at an event marking the opening of its new headquarters in Hertfordshire.
Around 46 per cent of attendants reported that the development market was currently hotter, compared with 38 per cent who believed that the bridging market is busier at the moment.
The lender said its own data supports brokers’ views. It said that in 2021, bridging loans represented around 80 per cent of the value of lending enquiries, but this has now dropped to 64 per cent. By contrast, development finance has moved from 13 per cent to 31 per cent in the value of enquiries to TAB.
Duncan Kreeger (pictured), founder and CEO at TAB, noted that the bridging market had been “white hot” since the credit crunch, but the development finance space was now taking over.
He continued: “We are seeing more and more interest from brokers looking for fast, short to medium term access to capital on behalf of clients who need to finance the construction, conversion and refurbishments of property projects.”