Bridging lenders positive about 2020
Three quarters of bridging lenders are confident about the long-term prospects for the economy, the sentiment survey from the Association of Short Term Lenders (ASTL) has found.
This is compared to just 50% when the survey was last run in June.
In addition, 72% said they expect their business to grow over the next six months which is up from 59% in June.
Benson Hersch (pictured), chief executive at the ASTL, said: “Overall, our members are very positive about prospects for the UK, their own businesses and the bridging sector as a whole.
“Competition is expected to increase slightly in the next six months but this seems to hold little concern for our members and the downward slope in positivity has been reversed.
“It is hoped that the general feeling of positivity will turn out to be realistic and we look forward to a great end to 2019 and an even better year ahead in 2020.”
Just over half of lenders (52%) said that they expect the market to grow in the next six months, compared to less than a quarter (23%) who anticipated growth in June.
Lenders also expect modest growth in competition from other lenders, with competition no longer being seen as the biggest challenge for bridging lenders.
The slow-moving property market is reportedly now seen as the biggest challenge, as reported by 55% of lenders in the survey.
Furthermore, most lenders would now choose to leave the European Union with Boris Johnson’s deal.