Asset finance new business increased by 10% in November compared to the same month last year to £2.25bn (€3bn), according to the Finance & Leasing Association (FLA).

Plant and machinery finance has increased by 8% year-on-year to £579m in November 2015, while finance for IT equipment grew by 15% to £139m.

Car finance new business volumes witnessed a 7% rise, reaching £643m. Commercial vehicle finance recorded the highest year-on-year growth, with volumes jumping 20% to £579m.

The aircraft, ships and rolling stock finance sector saw an increase of 16% compared to November 2014, reaching £71m.

On the other hand, a negative year-on-year trend on new business was observed in business equipment finance, which fell by 13% to £167m.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "In November, the asset finance industry reported its strongest rate of new business growth since June. In 2015 as a whole, we expect the market to record its second consecutive year of double-digit new business growth and reach its highest level of annual new business since 2008."

By channel and product

Direct finance, which accounted for nearly half of all finance, grew by 13% to £1.07bn. Broker introduced finance volumes increased by 1% to £386m, while sales finance volumes grew by 5% to £684m.

Lease/hire purchase, by far the most popular product in asset finance, grew by 9% to £1.05bn. Finance leasing rose by 25% to be worth £952m, and operating leasing increased by 15% to £580m.