Total asset finance new business grew to £2.5bn (€2.9bn) in November 2016, representing a 13% year-on-year increase, according to the Finance and Leasing Association (FLA).

By asset, IT equipment finance experienced the largest percentage increase, surging 68% year-on-year over the same period, to reach £234m.

Aircraft, ships, and rolling stock finance saw the heaviest fall, losing 70% from November 2015 for a figure of £20m in November 2016.

Lease and hire purchase formed the majority of asset finance new business in November 2016, increasing 33% year-on-year to account for £1.4bn of new business.

Direct finance was the most popular channel, growing 14% year-on-year in November 2016 to account for £1.2bn in asset finance new business.

Geraldine Kilkelly, head of research and chief economist at the FLA said: “November was a particularly strong month for the asset finance market, with double-digit growth across all of the main asset sectors.

“Recent months have seen a recovery in new finance provided for construction and agricultural equipment, with the latest FLA figures for November showing new business in these sectors up by 29% and 20% respectively.”