Finance & Leasing Association13 May 2016
New figures released today by the Finance & Leasing Association (FLA) show growth of 11% in consumer finance new business in March, compared with the same month last year, and growth of 14% in Q1 2016 overall.
Credit card and personal loan new business together grew by 9% compared with March 2015, while the second charge mortgage market saw new business grow 16% by value but fall 1% by volume over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“These figures show a solid performance by the consumer finance market in March and the first quarter of 2016 as a whole. They reflect the continued strength of consumer confidence despite uncertainty about the near-term outlook for the economy.”
Table 1: New consumer credit lending
| Mar 2016 |
% change on prev. year |
3 months to Mar 2016 |
% change on prev. year |
12 months to Mar 2016 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
9,204 |
+11 |
22,113 |
+14 |
83,582 |
+10 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
524 |
0 |
1,502 |
+2 |
6,581 |
+3 |
| Credit cards & personal loans (£m) |
3,809 |
+9 |
10,979 |
+13 |
42,656 |
+7 |
| Second charge mortgages (£m) |
86 |
+16 |
241 |
+29 |
898 |
+33 |
| Car finance (£m) |
4,404 |
+14 |
8,459 |
+17 |
29,569 |
+16 |
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 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2015.
