The survey, which saw responses from 53 UK bridging lenders and brokers, of which the vast number of participants were lenders, ranked independent brokers at the top of the list for most important channel for bridging loan originations with 53% voting for this option.

Of those surveyed, 32% voted for master brokers as the second most important channel.

The survey also revealed that refurbishment was the first, and if not the second most popular reason for taking out a bridge loan, with 45% of respondents putting this at the top spot.

Re-bridge and auction purchase were voted 19% and 23% respectively by respondents as the second most likely use of a bridging loan.

The majority also expected the market to grow over the next year with 62% predicting annual origination volumes to increase within the market.

•   B&C Awards 2024: The Video
•   The ASTL changes name
•   Over two thirds of brokers predict more bridging business in 2024

However, there were also indicators of caution as 51% of respondents reported lengthening of average days to loan completing was lengthening.

Commenting on the wider market sentiment, Gareth Lewis, managing director at MT Finance, said: “the wider property market has remained suppressed, with consumers still showing signs of caution while interest rates remain high and credit appetites remain cautious.”

Vic Jannels, CEO of the BDLA, commented: “It’s clear that bridging is an increasingly vital cog in the workings of the overall UK mortgage and property market.

“Latest data from the BDLA shows that bridging loan books hit a record high of £8.1bn in Q1 2024 and this survey confirms the level of optimism for ongoing growth in the market.

“There will be challenges, of course, but by maintaining high standards of transparency, professionalism and customer focus, we will be well placed to meet the growing demand from both customers and institutional funders.”