Bridging loan books reached almost £8.4bn in the second quarter of this year, the Bridging and Development Lenders Association (BDLA) reveals.

The latest figures show that bridging completions grew to a record £1.74bn in Q2 this year, representing a 15.4% increase compared to the first quarter.

BDLA says the increase helped drive a 2.9% increase in overall loan books from £8.1bn to just under £8.4bn.

Applications fell by 9.9% in the second quarter compared to the previous three months but still totalled £10.2bn.

Included in the lending figures for bridging completions in the June 2024 quarter were £108.2m of development loans.

In addition, members wrote £335.5m of non-bridging development loans, making a development lending total of £443.7m for the quarter.

BDLA says this represents a slight decrease compared to the total £445.1 million recorded in the previous quarter.

BDLA chief executive officer Vic Jannels says: “The latest lending data from members of the BDLA shows record completions and overall loan book values in the second quarter of 2024, providing further evidence of the continued growth of the bridging and development lending sector.”

“Despite the challenges faced in the broader economic landscape, the significant increase in bridging completions, ongoing growth in loan books and the sustained demand for development loans highlight the vital role our members play in driving property market activity.”

“And the future for our sector looks incredibly positive as the continued success of the Certified Practitioner in Specialist Property Finance (CPSP) demonstrates a growing number of professionals who are committed to demonstrating their expertise through this accreditation.”