Bridging loan books reach record £8.4bn

The data, which was compiled by auditors from data provided by BDLA members, showed a 2.9% increase in the size of overall loan books from the previous quarter.

Completions also rose by 15.4% compared to Q1 2024, growing to a record £1.74bn.

Year on year, completions rose by a staggering 29.4%.

Applications totalled £10.2bn, a 9.9% fall from the previous three months.

Some £108.2m of all bridging completions in Q2 were development loans, while members wrote £335.5m of non-bridging development loans, making a development lending total of £443.7m for the quarter — this represents a slight decrease compared to the £445.1m that was recorded in the previous quarter total.

Commenting on the results, Vic Jannels, CEO at the BDLA (pictured above), said: "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.

“The more we can build on this momentum, the greater awareness we can bring to the versatile benefits of short-term property lending and the more opportunities we can deliver to intermediaries to help their clients finance their property objectives.”