Asset finance new business increased by 6% in May compared to the same month last year to £2.15bn (3bn), according to the Finance & Leasing Association (FLA).
The IT equipment finance sector reported strong growth in new business, up 39% compared with May 2014 to £143 million.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Plant and machinery finance also increased in May by 6% year-on-year to £458m.
Aircraft, ships and rolling stock finance sector recorded an increase of 225% compared to May 2014, reaching £14m.
On the other hand, the business equipment finance sector shrunk by 20% year-on-year in May to £139m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The asset finance market has recorded its strongest start to a year since the financial crisis, with new business up by 16% in the first five months of 2015.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Recent research by Oxford Economics showed just how important the asset finance industry is to the UK economy. In 2014, it funded almost 28% of all UK investment in ICT equipment, software, transport equipment and other machinery and supported 84,000 UK jobs."
