6 April 2018
New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year.
Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest figures reflect the recent general improvement in consumer confidence. Real earnings have begun to grow again as consumer price inflation has slowed, which has contributed to consumers feeling more confident about their own finances and spending.”
Table 1: New consumer credit lending
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
Total FLA consumer finance (£m)
7,193
+10
23,010
+8
97,845
+7
Data extracts:
Retail store and online credit (£m)
626
+9
2,335
+12
9,110
+9
Credit cards & personal loans (£m)
3,865
+10
12,495
+7
48,740
+7
Second charge mortgages (£m)
81
+4
233
+5
1,032
+17
Car finance (£m)
2,333
+13
7,118
+8
34,801
+7
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
Category: News Type
Asset finance market provides support to key sectors in February
6 April 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) for deals of up to £20 million fell in February by 1%, compared with the same month last year.
The plant and machinery finance and IT equipment finance sectors reported new business growth in February of 5% and 13% respectively, compared with the same month in 2017. By contrast, new business for commercial vehicles and business equipment fell by 7% and 20% respectively over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Many asset sectors reported further growth in February despite it being a quieter month overall.
“The asset finance market continued to support key economic sectors with new finance for construction and agricultural equipment up by 13% and 9% respectively, compared with February 2017. The manufacturing sector also benefitted as new finance for production and process equipment was 47% higher over the same period.”
Feb 2018
% change on prev. year
3 months to Feb
2018
% change on prev. year
12 months to Feb
2018
% change on prev. year
Total FLA asset finance (£m)
2,006
-6
6,975
+1
31,718
+4
Total excluding high value (£m)
1,952
-1
6,413
-1
29,980
+5
Data Extracts:
By asset:
Plant and machinery finance (£m)
491
+5
1,512
+4
6,629
+10
Commercial vehicle finance (£m)
479
-7
1,532
-9
7,425
0
IT equipment finance (£m)
169
+13
594
+19
2,380
+5
Business equipment finance (£m)
170
-20
587
-2
2,554
+4
Car finance (£m)
552
+5
1,767
-1
9,517
+5
Aircraft, ships and rolling stock finance (£m)
9
-89
72
-58
472
-8
By channel:
Direct finance (£m)
948
-3
3,131
-3
14,968
+3
Broker-introduced finance (£m)
450
+10
1,369
+7
5,733
+11
Sales finance (£m)
554
-4
1,913
-1
9,279
+6
By product:
Finance leasing (£m)
262
+17
909
+5
3,848
+7
Operating leasing (£m)
390
-10
1,325
-9
6,699
0
Lease/Hire purchase (£m)
1,146
-3
3,514
-1
16,876
+6
Other finance (£m)
165
-34
788
-7
3,228
-8
Note to editors:
In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £32 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
Growth in second charge lending continues in February
6 April 2018
Commenting on the February 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The second charge mortgage market reported growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017.
“February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.”
Table 1: New second charge mortgage lending
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
Value of new business (£m)
81
+4
233
+5
1,032
+17
Number of new agreements (No.)
1,742
+9
4,971
+7
22,270
+14
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
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Second charge mortgage new business volumes grow in January
21 March 2018
Commenting on the January 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The second charge mortgage market reported growth in January, with new business up 8% by value and 13% by volume compared with the same period in 2017.
“The sector is continuing its work in ensuring that the new regulatory regime is fully implemented.”
Table 1: New second charge mortgage lending
Jan 2018
% change on prev. year
3 months to Jan 2018
% change on prev. year
12 months to Jan 2018
% change on prev. year
Value of new business (£m)
76
+8
234
+5
1,029
+16
Number of new agreements (No.)
1,645
+13
5,118
+5
22,130
+12
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.