The latest figure represents a 2.6% increase compared to the second quarter, while on an annual basis they went up by 25.5%

This helped to drive a 7.6% increase in the size of overall loan books, which have now exceeded £9bn for the first time, reaching £9.01bn.

The size of loan books increased 23.3% compared to the same period last year.

The data also shows strong growth in pipeline business, with applications increasing by 6.7% in the third quarter to reach £10.9bn.

On an annual basis, applications went up by 11.7%.

Data also shows that loans in default went up by 1.8% in Q3, while on an annual basis defaults increased 32.4% from the same period last year.

BDLA chief executive officer Vic Jannels says: “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.”

“We’ll continue to report on this lending on a quarterly basis – we’ve streamlined the process to deliver information more quickly and, starting this quarter, we’re supporting our data release with a more detailed information factsheet.”