This was the sixth consecutive quarter during which bridging completions totalled over £1bn, reaching £1.4bn in Q3 — an increase of 15.9% compared to the previous quarterly results.

Bridging applications rose by 5.4% on Q2 to £7.9bn, while loan books grew by 1.5% and reached a new high of £6.1bn.

Additionally, the new data shows healthy year-on-year increases for deals written, loan books and applications, which rose by 24.1%, 21.5%, and 18.1% respectively.

Commenting on the results, Vic Jannels, CEO at the ASTL (pictured above), said: “The latest ASTL Data Survey shows another very strong set of results, with continuing growth in bridging applications, completions and loan books.

“In fact, even amid 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.

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“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.

“At the ASTL, we are helping the market to achieve this sustainable growth — not only do our members commit to behaving in line with our strict code of conduct, but we are also working together with our colleagues at the Financial Intermediary & Broker Association (FIBA) and the London Institute of Banking & Finance (LIBF) to deliver the Certified Practitioner in Specialist Property Finance (CPSP) optional e-learning programme, which will cover different areas of specialist finance, including bridging and commercial loans, BTL mortgages and development finance."