Figures from the Finance & Leasing Association (FLA) for July 2014 show new business in the asset finance (leasing and hire purchase) market up 23% on July 2013, the strongest performance so far this year.
Growth was robust across most asset sectors, as new car finance and plant and machinery finance increased by 35% and 30% respectively, compared with July 2013.
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In the same period, commercial vehicle finance rose by 18%, IT equipment finance by 20% and business equipment finance by 21%.
Geraldine Kilkelly, the FLA’s Head of Research and Chief Economist, said; "The July figures show clearly the active role asset finance is playing in helping UK businesses invest. All asset finance channels showed strong growth in July, including the broker finance market which reported a record level of new business.
"The industry is also optimistic about further growth in the coming months. Our latest asset finance confidence survey shows that FLA members expect growth of about 10% in new business over the next twelve months."
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July 2014 | % change on July 2013 | 3 months to July 2014 | % change on previous year | 12 months to July 2014 | % change on previous year |
|---|---|---|---|---|---|---|
| Total FLA asset finance (£m) | 2,337 | +23 | 6,481 | +12 | 23,922 | +10 |
| Total excluding high value (£m) | 2,235 | +18 | 6,319 | +12 | 23,218 | +10 |
| Data extracts: | ||||||
| Plant and machinery finance (£m) | 524 | +30 | 1,446 | +18 | 5,013 | +16 |
| Commercial vehicle finance (£m) | 468 | +18 | 1,434 | +14 | 5,713 | +19 |
| IT equipment finance (£m) | 117 | +20 | 408 | -10 | 1,478 | +1 |
| Business equipment finance (£m) | 187 | +21 | 585 | +7 | 2,031 | +5 |
| Car finance (£m) | 774 | +24 | 1,986 | +11 | 7,056 | +5 |
| Aircraft, ships and rolling stock finance (£m) | 20 | -18 | 63 | +16 | 264 | -40 |
By Brian Cantwell
