This represented an increase of 14.8% when compared with 2017, where over £3.5bn was written.

The value of applications increased by 13.4% year-on-year to nearly £21.5bn, while total loan books increased by 3.6%.

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Benson Hersch, CEO at the ASTL, said: “Our latest data survey shows continued growth in the bridging sector, with the value of loans completed in 2018 up by nearly 15% on 2017, the value of applications growing by more than 13% and the value of outstanding loan books also higher than the previous year.

“These results show that, in an uncertain economic environment, our members are continuing to provide useful, flexible finance for a whole range of purposes, and they are doing so while maintaining a commitment to high standards of underwriting.

“This is very encouraging and indicates a sustainable sector that is built on robust foundations.”