Bridging completions, applications and loan books continued to grow in the first quarter of 2023, according to new data from the Association of Short-Term Lenders (ASTL).

Figures compiled by auditors from data provided by members of the ASTL, revealed that bridging completions passed £1.4bn in Q1, which represents an increase of 11.8% on the previous quarter.

Applications continued to rise, reaching £9.8bn in Q1 to represent an increase of 13.1% compared to Q4 2022.

The latest data from the ASTL also showed that the value of loan books has also increased, rising by 4.0% from the previous quarter to another new high of just over £6.8bn in Q1 this year.

CEO of the ASTL, Vic Jannels, commented: “The somewhat indifferent performance of the economy has not affected demand for short term finance, which continues to demonstrate that it can provide a versatile source of funding during all economic cycles.

“Loan books have reached another record high of more than £6.8bn and applications have now shown an increase in each of the last five consecutive quarters.

“Given the ongoing challenging economic environment, it’s important that lenders continue to take a robust approach to underwriting to help ensure the market continues to grow in a cautious and sustainable way so that it can help even more customers to finance transitional periods in the future.”

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