Confidence among senior executives in the UK asset finance industry is at it’s highest since the second quarter of 2011 according to the Finance & Leasing Association (FLA).

The FLA confidence survey for the third quarter of 2013 reported 81% of respondents expected an improvement of economic prospects over the next three months, while 99% of respondents expected an improvement over the next 12 months.

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Out of 31 member companies responding to the survey, 96% expected an increase in business investment over the next twelve months.

Future lending to SMEs is expected to grow, with 91% of those questioned expecting the value of leasing and asset finance provided to increase over the next three months, and 95% expecting the same over the next twelve months, of which 17% predicted a "significant rise".

At the same time, 69% of respondents believed there would be an increase in lending to corporates over the next quarter, and 68% thought there would be an increase over the coming year, with 12% predicting a "significant increase".

The findings of the survey reflected a Finance Report from market research firm BDRC Continental, which found that 51% of SMEs expected to grow their business in the next 12 months, while the proportion of firms using leasing and hiring grew from 6% to 9%.

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Geraldine Kilkelly, chief economist at the FLA, said: "We have two key surveys reporting exactly the same sense of optimism in the asset finance market, a market which supports businesses of all sizes and across manufacturing, service and public sectors.

"Asset finance works for businesses. The interest rate is low and the agreement is secured on the asset being financed. It’s the perfect solution for those firms which are sensing business opportunities."