Asset finance new business grew by 12% in September year-on-year, according to the Finance & Leasing Association (FLA).

The increase to £2.9bn (€3.4bn) marks the thirty-sixth straight month of growth, composed mostly of leasing and hire purchase.

All types of asset except aircraft, ships, and rolling stock finance experienced an increase, with business equipment finance increasing 29% year-on-year in September.

Aircraft, shops, and rolling stock finance declined 67% year-on-year to £149m in September, despite having risen 51% year-on-year in the three months to September 2016.

Total asset finance increased 12% year on year in the three months to September 2016, reaching £7.7bn, more than half of which was through direct finance of £3.7bn.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first post-EU referendum quarterly results saw the asset finance market record its strongest rate of new business growth for more than a year.

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“Encouragingly, September saw the second consecutive growth in new finance provided for plant and machinery. In the third quarter as a whole, new finance for agricultural equipment and construction equipment grew y 16% and 4% respectively compared with Q3 2015.”