Bridging completions, applications and loan books all continued to grow in the third quarter, the latest data from the Association of Short Term Lenders (ASTL) reveals. 

The figures, compiled by auditors from data provided by members of the ASTL, show that bridging completions were just over £1.4bn in the quarter ending September.

This represents an increase of 15.9% compared to the June quarter. 

Completions have now been more than £1bn for six consecutive quarters.

Bridging applications continued to rise in Q3, reaching £7.9bn, which is an increase of 5.4% compared to Q2. 

The size of loan books also rose again, growing by 1.5% to reach a new high of more than £6.1bn. 

ASTL chief executive Vic Jannels says the data shows “another very strong set of results, with continuing growth in bridging applications, completions and loan books”. 

“Even amidst economic uncertainty, the value of loan books reached a record level of just over £6.1bn and this is the second consecutive quarter where total books have been more than £6bn.”

“At the same time, the average LTV remains less than 60%, which indicates that lending continues to be robust and responsible. The market is demonstrating its resilience and ability to serve a wide variety of customers with flexible short-term lending solutions.”

“However, there are clearly economic challenges ahead and so it’s important that lenders continue to take a cautious approach to underwriting.”