Data provided by members of the BDLA shows that bridging completions grew to a new record of £1.79 billion in the third quarter of this year, representing a 2.6% rise on the second quarter
Bridging lending has continued its record-breaking growth, with data from the Bridging & Development Lenders Association showing increases in applications, completions and loan book values in the third quarter compared to the previous quarter.
Data provided by members of the BDLA shows that bridging completions grew to a new record of £1.79 billion in the third quarter of this year, representing a 2.6% rise on the second quarter.
This helped to drive a 7.6% rise in the size of overall loan books, which have now exceeded £9 billion for the first time, reaching £9.01 billion.
The data also shows strong growth in pipeline business, with applications increasing by 6.7% in the third quarter to reach £10.9 billion.
Vic Jannels, chief executive officer of the BDLA, said: BDLA lending data for the third quarter of 2024 reflects the ongoing ascendency of our sector, with growth across the board and record values for completions and loan book sizes. The continued momentum we’re reporting in our quarterly data demonstrates the growing importance of bridging and development lending as a vital cog in the UK mortgage industry.
As more brokers and borrowers recognise the many ways that bridging finance can help them achieve their goals, we can reasonably expect our sector to continue its upward trajectory, he said.
We’ll continue to report on this lending on a quarterly basis – we have streamlined the process to deliver information more quickly and, starting this quarter, we are supporting our data release with a more detailed information factsheet, Jannels said.
Of course, sustainable growth has to be the priority and, at the BDLA, we work with our members to promote responsible customer-centric underwriting through our membership rules and code of conduct. On top of this, we continue to promote the benefits of attaining the CPSP accreditation and we are continually working with members on steps we can take to help tackle fraud, as well as our ongoing dialogue with regulators and policy makers, he added.