0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Consumer finance new business up by nine percent in July

Figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in July by nine percent, compared with the same month last year.


Calum   Fuller

Share on LinkedInShare on Twitter
Calum   Fuller
Share on LinkedInShare on Twitter

Credit card and personal loan new business together grew by 11 percent compared with July 2017, while retail store and online credit new business increased by four percent. Second charge mortgage new business was up six percent by value and five percent by volume over the same period.

 

Away from consumer finance, FLA figures on car finance show new business volumes grew six percent in July, compared with the same month in 2017, while the value of new business increased by 11 percent over the same period.

 

The point of sale consumer new car finance market reported new business in July up five percent by volume and 10 percent by value, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the point of sale was 89.8 percent in the twelve months to July.

 

The POS consumer used car finance market reported new business in July up six percent by volume and 13 percent by value, compared with the same month in 2017.

 

Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Growth in consumer finance new business in July reflected the strength of retail sales over that period. Our latest research suggests that new consumer credit in the UK is likely to grow by around five percent in 2018 as a whole, in line with the annual rate of growth in 2017.

 

“The point of sale consumer car finance market reported new business volumes up by four percent in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 as a whole.”

Share on LinkedInShare on Twitter
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Brexit minister Raab resigns after draft agreement struck

Brexit minister Raab resigns after draft agreement struck

Study finds four in 10 debt advice clients did not disclose mental health condition

Study finds four in 10 debt advice clients did not disclose mental health condition

Can debt collectors beat the banks on customer experience?

Can debt collectors beat the banks on customer experience? SPONSORED ARTICLE

Upcoming events

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group