Overall asset finance provided by Finance & Leasing Association (FLA) members in November 2012 was down by 7% year-on-year, but there were more positive figures for the year as a whole.
Total asset finance for the three months to November rose 2% compared to the same period in 2011, and was up 3% for the year. When high value assets were excluded, these figures rose to 5% and 8% respectively.
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IT equipment performed particularly well, with monthly figures rising 22% to £97m, and a yearly rise of 29% to £1.39bn. Plant and machinery finance, car finance and commercial vehicle finance also performed well, with year-on-year rises over the one month period of 8%, 7% and 3% respectively.
However, business equipment financing was down 18% over the same period, and aircraft, ships and rolling stock dropped by 9%.
Geraldine Kilkelly, FLA head of research and chief economist, said: "The figures show growth in finance for key asset sectors as companies invest in the tools they need to grow their businesses.
"IT equipment finance showed the highest growth in November, leading to new business growth in this market of 25% in the eleven-month period to November 2012."
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