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Asset finance up 10% in November

14 January 2016

New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in November 2015, compared with the same month in the previous year.

New finance provided for commercial vehicles and IT equipment grew by 20% and 15% respectively in November, while plant and machinery finance was up 8% over the same period.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“In November, the asset finance industry reported its strongest rate of new business growth since June. In 2015 as a whole, we expect the market to record its second consecutive year of double-digit new business growth and reach its highest level of annual new business since 2008.”

Nov

2015

% change on prev. year

3 months to Nov 2015

% change on prev. year

12 months to Nov 2015

% change on prev. year

Total FLA asset finance (£m)

2,250

+10

7,447

+5

28,668

+11

Total excluding high value (£m)

2,138

+10

7,188

+6

27,679

+10

Data Extracts:

 

By asset:

Plant and machinery finance (£m)

423

+8

1,324

+4

5,767

+10

Commercial vehicle finance (£m)

579

+20

1,888

+11

6,682

+9

IT equipment finance (£m)

139

+15

535

+23

2,184

+37

Business equipment finance (£m)

167

-13

496

-18

2,071

-5

Car finance (£m)

634

+7

2,370

+6

8,878

+11

Aircraft, ships and rolling stock finance (£m)

71

+16

145

+49

510

+92

 

By channel:

Direct finance (£m)

1,068

+13

3,546

+7

13,895

+14

Broker-introduced finance (£m)

386

+1

1,301

+4

4,924

+7

Sales finance (£m)

684

+10

2,341

+7

8,860

+7

 

By product:

Finance leasing (£m)

342

+25

952

-12

3,528

+1

Operating leasing (£m)

580

+15

1,797

+7

6,556

+8

Lease/Hire purchase (£m)

1,051

+9

3,876

+11

14,977

+14

Other finance (£m)

276

-10

822

-1

3,607

+18

Note to editors:

  1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £26 billion of finance was provided to businesses and the public sector. FLA members financed more than 30% of UK investment in machinery, equipment and purchased software in the UK in 2014.