IT equipment finance in the UK more than doubled (52%) from last October’s figure of £112m to £167m to the same month this year, according to figures from the Finance & Leasing Association (FLA).

For the whole market there was 10% growth in asset finance new business in October 2014, compared with the same month last year. Over the same period, new business in the core market for deals of up to £20 million increased by 21%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Access deeper industry intelligence

Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.

Find out more

Growth across key asset finance sectors continued. Compared with October 2013, business new car finance grew by 31% and the commercial vehicle finance sector reported its strongest rate of growth so far in 2014, with new business up by 28% year-on-year in October.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The asset finance industry, through the provision of leasing and hire purchase, has played a key role in supporting the recovery in business investment over the last year.

"With the industry reporting its thirteenth consecutive month of growth in October, the core market is to likely reach £24.8 billion in 2014 as a whole and surpass its pre-recession level in 2015."

October asset finance figures
  Oct 2014 % change on prev. yea 3 months to Oct 2014 % change on prev. year 12 months to Oct 2014 % change on prev. year
Total FLA asset finance (£m) 2,356 +10 6,633 +16 24,860 +14
Total for deals of up to £20 million (£m) 2,331 +21 6,411 +19 24,249 +14
Plant and machinery finance (£m) 435 +10 1,304 +13 5,159 +17
Commercial vehicle finance (£m) 611 +28 1,546 +17 5,939 +22
IT equipment finance (£m) 167 +52 423 +26 1,566 +5
Business equipment finance (£m) 179 +17 548 +23 2,134 +12
Car finance (£m) 782 +25 2,099 +30 7,544 +13
Aircraft, ships and rolling stock finance (£m) 14 +415 48 +37 277 +5