Finance & Leasing Association16 January 2014
Figures released today by the Finance & Leasing Association (FLA) show a 6% increase in consumer finance new business in November 2013, compared with the same month in 2012. Retail store instalment credit and the point-of-sale car finance market recorded new business growth of 10% and 19% respectively. The second charge mortgage market also reported that new agreements were up by 16%.
Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said: “These latest figures show how point-of-sale credit continues to be a popular option for consumers. It is helping to support a sustained economic recovery in the UK. “We have seen steady growth in overall consumer finance new business in recent months, amounting to 5% over the 12 months to November.”
Table 1: New consumer credit lending
| Nov. 13 |
% change on prev. year |
3 months to Nov. 2013 |
% change on prev. year |
12 months to Nov. 2013 |
% change on prev. year |
|
| Total FLA consumer finance (£m) | 5,326 |
+6 |
16,960 |
+8 |
61,719 |
+5 |
| Data extracts: | ||||||
| Store cards (£m) | 165 |
-4 |
385 |
-5 |
1,374 |
-9 |
| Credit cards & personal loans (£m) | 3,167 |
+1 |
9,251 |
+1 |
35,347 |
-3 |
| Store instalment credit (£m) | 225 |
+10 |
655 |
+11 |
2,410 |
+7 |
| Second mortgages (£m) | 42 |
+35 |
123 |
+37 |
431 |
+33 |
| Car finance (£m) | 1,598 |
+19 |
6,114 |
+22 |
20,441 |
+24 |
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 short-term credit lenders, and instalment credit providers.
- In 2012 FLA members provided £80.2 billion of new finance to UK businesses and households. £58.8 billion of this was in the form of consumer credit representing about 30% of all unsecured lending in the UK.
