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Bridging completions jump to £1.69bn in Q4 2023 – ASTL

  • 22/02/2024
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Bridging completions jump to £1.69bn in Q4 2023 – ASTL
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.”

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