According to data from the Association of Short Term Lenders (ASTL), applications have risen by £9.7bn, an increase of 5.6 per cent compared to the quarter ended June.
Completions stand at £1.4bn, a rise from 5.8 per cent from the previous quarter.
The average loan to value (LTV) remains stable at 57.7 per cent compared to 57.8 per cent in June 2023.
Vic Jannels (pictured), CEO of the ASTL, said that bridging lending had “bucked the trend of the wider market to record a period of strong growth in the third quarter of 2023”.
He continued: “Compared to the same period last year, application volumes have risen by more than eight per cent, completions have grown by nearly 11 per cent and loan books have swelled by well over 18 per cent. This means that member loan books have exceeded £7bn for second consecutive quarter, hitting a new record.”
Versatility key to bridging growth
Jannels said that growth could be attributed to several factors, such as recognition of versatility of bridging finance during volatile economic period.
He said: “The sector is growing and building a strong reputation. We still have work to do, of course. There remains opportunity to grow the sector to its full potential, through greater education amongst customers and, at the ASTL, we have an important role to play in this.
“Our lender members will also play their part by continuing to write loans with efficiency whilst maintain a robust approach to risk and customer focus. In delivering these things, we can continue to progress our journey of long-lasting, sustainable growth.”