Finance & Leasing Association13 January 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in November, compared with the same month in 2015.
Credit card and personal loan new business together grew by 10% compared with November 2015, while retail store and online credit new business increased by 3% over the same period. Second charge mortgage new business volumes fell in November by 6%, while growth in the value of second charge mortgage new business was flat.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“November saw new business growth across most of the main consumer finance products, as consumer confidence remained relatively robust in the build up to Christmas. In the eleven months to November 2016, overall new business grew by 10% compared with the same period in 2015.”
Table 1: New consumer credit lending
| Nov 2016 |
% change on prev. year |
3 months to Nov 2016 |
% change on prev. year |
12 months to Nov 2016 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
7,656 |
+9 |
23,578 |
+8 |
87,920 |
+9 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
737 |
+3 |
1,863 |
+2 |
6,713 |
+2 |
| Credit cards & personal loans (£m) |
4,108 |
+10 |
11,466 |
+7 |
44,697 |
+9 |
| Second charge mortgages (£m) |
77 |
0 |
225 |
-4 |
879 |
+7 |
| Car finance (£m) |
2,423 |
+11 |
9,001 |
+9 |
31,582 |
+13 |
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.
