Category: News Type

Consumer finance new business holds steady in March

11 May 2018
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in March was at a similar level to that reported in March 2017, and grew 6% in Q1 2018 as a whole.
Credit card and personal loan new business together grew in March by 7%, compared with the same month in the previous year, while retail store and online credit new business increased by 4%. The point of sale finance sector reported a fall in new business in March of 6% compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest consumer finance new business figures were in line with recent trends in the wider economy, with household spending likely to have been adversely affected by poor weather conditions. FLA consumer finance providers’ penetration of the UK new consumer credit market held steady in the twelve months to March 2018 at 35.6%.”
Table 1: New consumer credit lending
Mar 2018
% change on prev. year
3 months to Mar 2018
% change on prev. year
12 months to Mar 2018
% change on prev. year
Total FLA consumer finance (£m)
10,381
0
25,786
+6
97,820
+6
Data extracts:
Retail store and online credit (£m)
719
+4
2,022
+8
9,136
+9
Credit cards & personal loans (£m)
4,357
+7
12,664
+10
49,010
+7
Second charge mortgages (£m)
86
-10
244
0
1,023
+15
Car finance (£m)
4,849
-5
9,894
+3
34,522
+4
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.

Asset finance new business more than £3.3 billion in March

11 May 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) fell by 5% in March, compared with the same month last year, and by 3% in Q1 2018 overall.
New finance for business equipment grew in March by 13% compared with the same month in 2017. Over the same period, the plant and machinery finance and commercial vehicle finance sectors reported falls in new business of 9% and 2% respectively.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The asset finance market recorded its third highest monthly new business total in March at more than £3.3 billion. However, the latest figures reflect some of the recent slowdown in the UK economy, with new finance for agricultural and construction equipment 1% and 8% lower in March than in the same month in 2017.”
Mar 2018
% change on prev. year
3 months to Mar
2018
% change on prev. year
12 months to Mar
2018
% change on prev. year
Total FLA asset finance (£m)
3,325
-5
7,668
-3
31,459
+3
Total excluding high value (£m)
3,229
-3
7,316
-1
29,782
+3
Data Extracts:By asset:
Plant and machinery finance (£m)
654
-9
1,652
-1
6,561
+7
Commercial vehicle finance (£m)
849
-2
1,813
-4
7,412
-1
IT equipment finance (£m)
196
-24
497
-3
2,318
+2
Business equipment finance (£m)
259
+13
622
+1
2,586
+5
Car finance (£m)
1,041
-7
2,200
-3
9,357
+2
Aircraft, ships and rolling stock finance (£m)
33
-39
66
-61
448
-18
By channel:
Direct finance (£m)
1,652
+1
3,693
-1
14,940
+1
Broker-introduced finance (£m)
579
-4
1,451
+4
5,720
+8
Sales finance (£m)
998
-10
2,172
-2
9,122
+4
By product:
Finance leasing (£m)
406
-1
914
+4
3,843
+5
Operating leasing (£m)
714
-13
1,531
-11
6,534
-3
Lease/Hire purchase (£m)
1,835
+1
4,151
0
16,865
+4
Other finance (£m)
304
-19
824
-14
3,150
-6
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.

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