Bridging applications up 123% in Q1: ASTL

The number of loans written in Q1 is 11.4% higher than the same quarter in 2016. In addition, the size of the overall loan book was up 45% on the March 2016 figure, although it was down 5.7% at the end of Q1 this year, compared to the end of the previous quarter.

Benson Hersch, CEO of the ASTL, said: “Despite recent uncertainties, including Brexit and the triggering of Article 50, applications are on the rise, suggesting that there is a renewed confidence amongst investors and homebuyers alike. However, there is still a clear disparity between applications and completions, reflecting increased competition as brokers shop around. Of course, not all applications reach completion for various reasons and the recently reported increased completion times are also having an effect.

“Therefore, although lending for the year ended 31 March 2016 still falls shy of the elusive £3billion figure, as I expected, the number of applications were higher in Q1 of this year than in any previous quarter. It is very likely that the build up to the general election in June will have an effect, but in light of our recent sentiment survey in March, most lender members are increasingly positive about the outlook for 2017.”