Bridging completions see 21.2% annual rise despite Q3 dip
Figures compiled by the ASTL’s auditors from its bridging lender members for Q3 2018 are slightly down on the figures for Q2, but annual completions continue to rise and are now £3.98 billion.
The value of loans written for the quarter ending 30 September 2018 revealed a small decrease of 0.6% compared to the previous quarter. Annual completions rose by 21.2% compared to the year ended 30 September 2017. In comparison to the same quarter last year, the value of loans written in the quarter has increased by 12.6%.
Total loan books are continuing to climb, with a rise of 2.1% compared to Q2. Compared to the end of Q3 2017, the value of loan books has increased by 16.6%.
The pace of increases in applications continues the small quarterly decline evidenced last quarter, with a decrease of3.3%. On an annualised basis applications are up by 8.9% on the year ended September 2017; making up a total of £20.5 billion. Although applications do tend to be unreliable indicators and are dependent on how many lenders are offered the same deals, this trend shows how large the sector has become.
Benson Hersch, pictured, CEO of the ASTL says:
“Figures for Q3 2018 show an ongoing year on year upward trend. Our members continue to provide flexible and useful services to customers who require finance for a whole range of purposes. Despite current political and economic uncertainties, lenders are very much doing business as usual.”
These figures are taken from the responses from ASTL members, which include most of the key lenders in the bridging market.