13 December 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year.
Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business increased 20% by value and 19% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The growth in consumer finance new business so far in 2017 has been in line with expectations. The latest research from Oxford Economics on behalf of the FLA suggests that total UK new consumer credit will grow by 4.1% in 2017 overall and by 1.2% in 2018.”
Table 1: New consumer credit lending
|
Oct 2017 |
% change on prev. year |
3 months to Oct 2017 |
% change on prev. year |
12 months to Oct 2017 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
7,832 |
+10 |
23,995 |
+5 |
92,504 |
+6 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
613 |
+3 |
1,679 |
+5 |
6,720 |
+2 |
|
Credit cards & personal loans (£m) |
4,075 |
+13 |
11,971 |
+6 |
47,447 |
+7 |
|
Second charge mortgages (£m) |
85 |
+20 |
254 |
+15 |
993 |
+13 |
|
Car finance (£m) |
2,727 |
+8 |
8,971 |
+5 |
33,218 |
+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.