Total asset finance new business (primarily leasing and hire purchase) grew in October 2024 by 4% compared with the same month in 2023, according to figures released by the Finance & Leasing Association (FLA). In the ten months to October 2024, new business was also 4% higher than in the same period in 2023.
New business in the commercial vehicle finance and plant and machinery finance sectors grew in October by 12% and 8% respectively, compared with the same month in 2023. The new car finance sector reported a fall in new business of 7% over the same period.
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Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The asset finance market made a positive start to the final quarter of 2024 with growth across most of the main asset sectors in October compared with the same month in 2023. New lending to SMEs and larger companies both grew by 5% over that period.
“The FLA’s Q4 2024 Industry Outlook Survey suggested that asset finance providers expect the Autumn Budget measures of higher taxes to keep business investment subdued, with 44% anticipating some decrease over the next twelve months. The Q4 Survey also showed that 64% expected some increase in new business over the next year, compared with 89% in the Q3 2024 Survey, while a further 22% expected new business levels to remain stable.”
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