Quarterly bridging lending dips 6.6%: ASTL
The ASTL's quarterly results show that Q2 lending is "slightly down on the exceptional figures for Q4 2017 and Q1 2018", with bridging lending falling by 6.6% compared to the previous quarter.
"Although figures for Q2 2018 are down on the two previous quarters, they remain high."
However annual completions rose by 27.2% to £3.87 billion and the value of loans written increased by 10.3%.
Total loan books are continuing to climb, with a rise of 13.1% compared to Q4 2017, although compared to the end of Q2 2017, the value of loan books has decreased slightly.
The pace of increases in applications reversed the massive jump in Q1 and decreased by 2.9%, compared to an increase of 28.9% in Q4 2017. On an annualised basis, applications are up by 16.3% on the year ended June 2017; making up a total of £20.2 billion.
Benson Hersch, CEO of the ASTL, said: “Although figures for Q2 2018 are down on the two previous quarters, they remain high. Our members continue to provide flexible and useful services to customers who require finance. The property market may be difficult at the moment, but responsible bridging lenders continue to prosper.”
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