Bridging expected to grow in 2012
Brokers cited the decline in intermediary-based lending as a contributing driver for the growth of the bridging sector with 82% citing it would be the primary driver for growth in the bridging sector.
Growth in the Private Rented Sector would also promote growth in the short term lending sector said 57% of brokers.
Over half said they believed more intermediaries would start to operate in the sector as a result of the growth.
Alan Cleary, managing director of Precise Mortgages, said: “We are going to continue to speak out on behalf of the mortgage intermediary as there is going to be a battle with high street lenders over the next few years for market share.
“Despite the intermediary share of mortgages dropping below 50% for the first time in several years, brokers are still optimistic about the mortgage market in 2012.“
In addition Cleary was pleased to announce that the Precise Mortgages Bus tour, where the survey took place, raised well over £2,000 for the Broomstick Ball for Cancer Research UK.
Simon Juniper, managing director at Only Bridging, said: “It seems there are encouraging signs that the short term lending market will grow in 2012. We at Only Bridging are dedicated to the market in that bridging finance is all we do.
“Our own business has doubled in the last six months allowing us to recruit and expand as we prepare for 2012.
“However we base our growth prediction on facts; the fact that we are seeing more enquires than ever before, the fact that the clients’ profile we are seeing is stronger, the fact that we are seeing more purchases than ever before.
“It shows that while liquidity in the banks is in short supply the bridging industry is now being taken seriously and will have a major impact next year in helping clients resolve their short term issues.”