Finance & Leasing Association16 August 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall.
Credit card and personal loan new business together grew by 10% compared with June 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business grew 33% by value and 22% 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 half of 2017, consumer finance new business grew by 5% compared with the same period in 2016, in line with modest single-digit growth expectations for the year as a whole.”
Table 1: New consumer credit lending
| June 2017 |
% change on prev. year |
3 months to June 2017 |
% change on prev. year |
12 months to June 2017 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
7,708 |
+7 |
22,515 |
+4 |
90,416 |
+6 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
530 |
+3 |
1,587 |
0 |
6,581 |
+1 |
| Credit cards & personal loans (£m) |
3,898 |
+10 |
11,707 |
+8 |
46,155 |
+7 |
| Second charge mortgages (£m) |
94 |
+33 |
259 |
+36 |
940 |
+5 |
| Car finance (£m) |
2,812 |
+5 |
7,888 |
0 |
32,590 |
+7 |
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.
