Bridging finance in the UK has reached unprecedented levels, as indicated by BDLA’s latest data.
- Record-breaking £1.79 billion in bridging completions achieved in Q3 2024, a 2.6% increase from the previous quarter.
- Total loan book value surpassed £9 billion for the first time, signifying a 7.6% growth.
- A notable rise in bridging loan applications, reaching £10.9 billion, underscores the sector’s expansion.
- Responsible underwriting and regulatory dialogues are central to maintaining sustainable growth.
Bridging finance in the UK has demonstrated remarkable growth, as reported by the Bridging & Development Lenders Association (BDLA). Figures compiled by auditors show a notable £1.79 billion in bridging completions for the third quarter of 2024, marking a 2.6% increase compared to the previous quarter.
Furthermore, the overall loan book value has risen by 7.6%, surpassing £9 billion for the first time, reaching £9.01 billion. This substantial increase highlights the growing importance of bridging and development lending in the UK mortgage sector.
Additionally, the sector has experienced a significant uptick in pipeline business, with applications rising by 6.7% to £10.9 billion in the third quarter. This trend underscores the increasing recognition of the benefits offered by bridging finance among brokers and borrowers.
CEO Vic Jannels of BDLA underlined the ongoing momentum and significance of the sector. He emphasised the organisation’s commitment to promoting responsible underwriting practices through membership rules and a code of conduct.
Jannels also mentioned the association’s efforts in encouraging standards improvement and fraud mitigation, as well as engaging with regulators and policymakers to support sustainable growth.
The sustained growth of bridging lending highlights its pivotal role in the evolving UK mortgage industry.
