Bridging completions have increased by 18.4 per cent to £1.69bn in Q4 2023 compared to Q3 2023, a report has said.
In its analysis of bridging completions, the Association of Short Term Lenders (ASTL) found that loan books had risen by 4.2 per cent to reach £4.6bn compared to Q3 2023. This is an increase of over 16 per cent compared to the previous year.
Applications fell slightly by 1.1 per cent compared to Q3 2023 and came to £9.6bn in Q4 2023.
The average loan to value (LTV) has gone up by 58.7 per cent, up from 57.7 per cent in Q3 2023.
Vic Jannels, ASTL’s CEO, said: “The short-term lending market has ended the year strongly, with a fairly large increase in loans written and only a small reduction in the level of applications compared to last quarter.
“However, compared to the same period the previous year, application volumes were more than 25 per cent higher in Q4 2023, completions increased by more than 18 per cent and loan books grew by over 16 per cent. Member loan books have now surpassed £7bn for the third consecutive quarter, setting a new record.”
He added: “We believe there is great potential for further sustainable growth in the market, and initiatives such as the Certified Practitioner in Specialist Property Finance (CPSP) will play a big role in helping to achieve this, alongside the continued work we do at the ASTL to raise awareness and consideration of bridging finance amongst brokers and customers.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.