15 August 2018
New figures released today by the Finance & Leasing Association (FLA) show consumer finance new business grew in June by 9%, compared with the same month last year.
Credit card and personal loan new business together grew by 10% compared with June 2017, while retail store and online credit new business increased by 5%. Second charge mortgage new business fell 6% by value and 3% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest figures for consumer finance new business continued to reflect wider economic trends, with the World Cup and hot weather providing a further boost to retail sales.
“FLA members’ share of the UK consumer credit market held steady in the twelve months to June at 35.9%.”
Table 1: New consumer credit lending
|
Jun 2018 |
% change on prev. year |
3 months to Jun 2018 |
% change on prev. year |
12 months to Jun 2018 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
8,691 |
+9 |
26,519 |
+14 |
101,120 |
+8 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
726 |
+5 |
2,213 |
+8 |
9,302 |
+10 |
|
Credit cards & personal loans (£m) |
4,333 |
+10 |
13,431 |
+14 |
50,662 |
+9 |
|
Second charge mortgages (£m) |
91 |
-6 |
262 |
-2 |
1,019 |
+6 |
|
Car finance (£m) |
3,176 |
+10 |
9,524 |
+17 |
36,007 |
+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 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.