Finance & Leasing Association11 September 2015
New figures released today by the Finance & Leasing Association (FLA) show 8% growth in consumer finance new business in July, compared with the same month last year.
Point-of-sale consumer car finance grew by 15% in the same period, while retail store and online credit was 4% higher than in July 2014. The second-charge mortgage market reported new business up 37% by value in July, while the number of new second-charge mortgages grew by 5% to 1,826 compared with July 2014.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“July saw growth across the main consumer finance products. Over the last twelve months consumer finance provided by FLA members grew by 6%, which is line with our own research which suggests growth of between 7-8% in UK new consumer credit in 2015 as a whole.”
Table 1: New consumer credit lending
| Jul 2015 |
% change on prev. year |
3 months to Jul 2015 |
% change on prev. year |
12 months to Jul 2015 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
6,639 |
+8 |
19,705 |
+7 |
76,650 |
+6 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
519 |
+4 |
1,546 |
+2 |
6,469 |
+4 |
| Credit cards & personal loans (£m) |
3,412 |
+4 |
10,049 |
+3 |
39,201 |
+1 |
| Second charge mortgages (£m) |
74 |
+37 |
196 |
+31 |
686 |
+27 |
| Car finance (£m) |
2,244 |
+15 |
6,871 |
+14 |
26,608 |
+14 |
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 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK last year.
