11 January 2018
New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016.
Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge mortgage new business increased 3% by value and 2% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in retail store and online credit new business in November in part reflects the increase in retail sales reported by household goods stores following Black Friday and Cyber Monday events.
“The growth in consumer finance new business overall in November is in line with the performance of this market over the past twelve months.”
Table 1: New consumer credit lending
|
Nov 2017 |
% change on prev. year |
3 months to Nov 2017 |
% change on prev. year |
12 months to Nov 2017 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
8,073 |
+5 |
24,913 |
+6 |
92,921 |
+6 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
831 |
+13 |
2,009 |
+8 |
6,814 |
+3 |
|
Credit cards & personal loans (£m) |
4,242 |
+3 |
12,175 |
+6 |
47,581 |
+6 |
|
Second charge mortgages (£m) |
80 |
+3 |
242 |
+8 |
996 |
+13 |
|
Car finance (£m) |
2,621 |
+8 |
9,494 |
+5 |
33,416 |
+6 |
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 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2016.
- For media enquiries, please contact the FLA press office on 020 7420 9656.