5 October 2018
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 10% compared with the same month last year.
Credit card and personal loan new business together grew by 9% compared with August 2017, while retail store and online credit new business increased by 7%. Second charge mortgage new business fell 2% by value and grew 6% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said
“Growth in consumer finance new business in August reflected a strong retail sales performance over the same period. In particular, the value of retail sales made by household goods stores grew at its strongest monthly rate for more than a decade.”
Table 1: New consumer credit lending
|
Aug 2018 |
% change on prev. year |
3 months to Aug 2018 |
% change on prev. year |
12 months to Aug 2018 |
% change on prev. year |
|
|
Total FLA consumer finance (£m) |
8,172 |
+10 |
25,515 |
+9 |
102,751 |
+8 |
|
Data extracts: |
||||||
|
Retail store and online credit (£m) |
708 |
+7 |
2,175 |
+5 |
9,375 |
+9 |
|
Credit cards & personal loans (£m) |
4,423 |
+9 |
13,274 |
+10 |
51,469 |
+9 |
|
Second charge mortgages (£m) |
92 |
-2 |
282 |
-1 |
1,022 |
+2 |
|
Car finance (£m) |
2,517 |
+14 |
8,607 |
+12 |
36,772 |
+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.