Bridging lending among members of the Association of Short Term Lenders fell in the second quarter of this year, new figures show.
The value of loans written for the quarter ending 30 June 2018 revealed a decrease of 6.6 per cent compared to the previous quarter.
However, annual completions rose by 27.2 per cent compared to the year ended 30 June 2017. In comparison to the same quarter last year, the value of loans written in the quarter has increased by 10.3 per cent.
Annual completions are now £3.87bn.
ASTL chief executive Benson Hersch says: “Although figures for Q2 2018 are down on the two previous quarters, they remain high. Our members continue to provide flexible and useful services to customers who require finance. The property market may be difficult at the moment, but responsible bridging lenders continue to prosper.”