"Not only is the market continuing to grow and show signs of ongoing recovery as we emerge from the pandemic, but the increase in completions also represents improving conversion rates"
The figures show bridging completions totalled £1.1bn in Q2, an increase of 23.2% on Q1. Bridging loan books reflect the increase in completions and now stand at over £4.7bn.
Applications fell slightly, by 1.7% to £7.36bn compared to Q1, but applications for the year ending 30th June 2021 were still 26.9% higher than in the previous 12 months. Average LTVs showed a small increase since Q1 and now stand at 59.8%.
The value of loans in default continues to fall, showing a decrease of 7.6% on Q1, and the number of repossessions also fell again, suggesting the continued easing of coronavirus restrictions is having a positive effect.
Vic Jannels, CEO of the ASTL, said: “The Q2 2021 lending figures are pleasing for a number of reasons. Not only is the market continuing to grow and show signs of ongoing recovery as we emerge from the pandemic, but the increase in completions also represents improving conversion rates, which is good news for brokers, lenders and customers.
"The falling value of loans in default and number of repossessions also reflect the quality of lending and shows that the market is continuing to grow in a sustainable way and enhance its ever-improving reputation. In this growing market, ASTL lenders continue to represent a benchmark of quality and customer focus, providing brokers with a source of flexible short-term finance that they can trust.”
