11 January 2019
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017.
Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second charge mortgage new business increased 21% by value and volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.
“The latest figures suggest single-digit new business growth in 2018 as a whole.”
Table 1: New consumer credit lending
|
Nov 2018 |
% change on prev. year |
3 months to Nov 2018 |
% change on prev. year |
12 months to Nov2018 |
% change on prev. year |
Total FLA consumer finance (£m) |
8,580 |
+2 |
26,768 |
+3 |
103,603 |
+7 |
|
|
|
|
|
|
|
Data extracts: |
|
|
|
|
|
|
Retail store and online credit (£m) |
1,115 |
+2 |
2,856 |
+7 |
9,573 |
+8 |
Credit cards & personal loans (£m) |
4,296 |
+1 |
12,812 |
+5 |
52,035 |
+9 |
Second charge mortgages (£m) |
99 |
+21 |
292 |
+17 |
1,064 |
+4 |
Car finance (£m) |
2,761 |
+2 |
9,818 |
+0 |
36,841 |
+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 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.