Total asset finance new business (primarily leasing and hire purchase) grew in November 2022 by 12% compared with the same month in 2021.

In the eleven months to November 2022, new business was 5% higher than in the same period in 2021, according to new figures released by the Finance & Leasing Association (FLA).

The commercial vehicle finance and business car finance sectors reported new business up in November by 10% and 35% respectively, compared with the same month in 2021. Business equipment finance new business grew by 13% over the same period.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:

“November saw the asset finance market report its seventh consecutive month of growth as the market continues to recover to more normal pre-covid levels of new business. New lending to SMEs increased by 11% in November and the industry is on track to report a record level of asset finance new business to SMEs in 2022 as a whole.

“Our latest figures show that the asset finance market is playing a vital role in supporting businesses of all sizes to invest in new equipment that improves efficiency as they face a difficult year of uncertainty about demand and a squeeze on business margins from higher costs and interest rates.”

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In 2021, FLA members provided £132bn of new finance to UK businesses and households. £31bn of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2021.

Financial services: 2022 in review and a look ahead to 2023