Figures released by the Finance & Leasing Association (FLA) show growth of 27% to £3.1 billion in asset finance new business in March 2015, compared with the same month a year earlier, and 19% growth in Q1 2015 overall.
In March, IT equipment finance grew by 35%, and plant and machinery finance and commercial vehicle finance by 27% and 21% respectively, compared with March 2014.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
First quarter results show IT equipment finance up by 53% compared with Q1 2014, while plant and machinery finance and commercial vehicle finance each grew by 13% in Q1 2015.
Geraldine Kilkelly, head of research and chief economist at the FLA, said:"The asset finance market, through the provision of leasing and hire purchase, has made an excellent start to 2015. March new business of £3.1 billion was the highest monthly total since September 2008, with record levels of new business reported by some asset finance sectors."
| March 2015 | %change yoy | 3 months to Mar 2015 | % change on prev y | 12 months to march 2015 | % change on prev year | |
|---|---|---|---|---|---|---|
| total (£m) | 3,098 | +27 | 6,936 | +19 | 27,131 | +14 |
| total exc. high value | 2,939 | +21 | 6,635 | +15 | 26,088 | +13 |
| data extracts: | ||||||
| plant + machinery | 620 | +27 | 1,420 | +13 | 5,587 | +19 |
| commercial vehicle | 736 | +21 | 1629 | +13 | 6,209 | +10 |
| It equipment | 201 | +35 | 479 | +53 | 1,791 | +14 |
| Business equipment | 204 | +4 | 533 | +7 | 2,224 | +10 |
| car finance | 1,001 | +22 | 2,035 | +13 | 8,305 | +14 |
| big ticket | 139 | +2168 | 225 | +463 | 449 | +63 |
