8 September 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year.
Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second charge mortgage new business was up 23% by value and 21% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“In the first seven months of 2017, consumer finance new business provided by FLA members was up by 6% compared with the same period last year. This is broadly in line with expectations for UK new consumer credit growth in 2017 as a whole.
Table 1: New consumer credit lending
|
July 2017 |
% change on prev. year |
3 months to July 2017 |
% change on prev. year |
12 months to July 2017 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
7,607 |
+13 |
23,229 |
+9 |
91,297 |
+7 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
557 |
+11 |
1,645 |
+6 |
6,637 |
+2 |
|
Credit cards & personal loans (£m) |
4,061 |
+16 |
12,162 |
+12 |
46,728 |
+8 |
|
Second charge mortgages (£m) |
90 |
+23 |
270 |
+27 |
956 |
+8 |
|
Car finance (£m) |
2,503 |
+10 |
8,012 |
+6 |
32,813 |
+8 |
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.