Bridging Completion Times at Their Fastest in Five Years for Q3
The latest Bridging Trends report has revealed that completion times have reached their fastest pace in over five years, averaging 46 days. This marks a decrease from 52 days in Q2 2024, representing the quickest average completion time since Q2 2019.
The report also noted a 9% increase in total gross lending, with reported figures rising from £201.8 million in Q2 2024 to £220.8 million in Q3 2024. Notably, both regulated and unregulated refinancing saw significant increases, with regulated refinance jumping from 6% to 14%, and unregulated refinance rising from 6% to 13%.
In Q3, the majority of bridging loans were utilised for investment purchases, climbing from 18% in Q2 to 24%. Data from Knowledge Bank indicated that regulated bridging remained the most searched criterion among UK bridging finance brokers in Q3, underscoring its importance for borrowers.
The proportion of first-charge loans increased from 88.4% to 91%, while second-charge loans decreased from 11.6% to 8%. Additionally, the average loan-to-value (LTV) ratio saw a slight drop from 59.3% in Q2 to 56.8% this quarter.
The average loan term has remained steady at 12 months for the twelfth consecutive quarter.
Apex Bridging’s Managing Director Chris Hodgkinson said “It’s clear Bridging still has a strong place in the sector and is such a good option if you need to complete in a hurry”