Finance & Leasing Association14 January 2016
New figures released today by the Finance & Leasing Association (FLA) show 17% growth in consumer finance new business in November 2015, compared with the same month in the previous year.
Retail store and online credit grew by 10% compared with November 2014, while credit card and personal loan new business together increased by 14%. Second charge mortgage new business was up 31% by value and 13% by volume over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The growth in new business in the run-up to Christmas reflects the strength of consumer confidence.
“New business growth in the twelve month period to November reported by FLA members held steady at 7% and, overall, the value of outstanding consumer credit in the UK at the end of November remained 14% below its 2008 peak.”
Table 1: New consumer credit lending
| Nov 2015 |
% change on prev. year |
3 months to Nov 2015 |
% change on prev. year |
12 months to Nov 2015 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
6,887 |
+17 |
21,598 |
+11 |
79,093 |
+7 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
713 |
+10 |
1,833 |
+6 |
6,563 |
+3 |
| Credit cards & personal loans (£m) |
3,636 |
+14 |
10,384 |
+8 |
40,051 |
+4 |
| Second charge mortgages (£m) |
67 |
+31 |
210 |
+30 |
750 |
+28 |
| Car finance (£m) |
2,179 |
+23 |
8,197 |
+16 |
27,925 |
+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 a third of total new consumer credit written in the UK in 2014.
