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Consumer finance up a fifth year-on-year

New business in consumer finance in April grew by 22 percent, compared with the same month last year, figures released by the Finance & Leasing Association (FLA) show.


Calum   Fuller

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Calum   Fuller
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Credit card and personal loan new business together grew by 21 percent compared with April 2017, while retail store and online credit new business increased by 11 percent. Second charge mortgage new business increased two percent by value and eight percent by volume over the same period.

 

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The recovery in consumer finance new business in April follows a quiet end to the first quarter of 2018 and is consistent with recent improvements in consumer confidence and retail sales.

 

“Changes to vehicle excise duty in April 2017 have affected the pattern of demand for consumer new car finance. In the first four months of 2018, the point of sale consumer car finance market overall reported new business volumes up by four percent compared with the same period in 2017.”

 

New consumer credit lending

 

Apr-18 (£m) Percentage change on prev. year Three months to Apr 2018 (£m) Percentage change on prev. year 12 months to Apr 2018 (£m) Percentage change on prev. year
Total FLA consumer finance 8,721 22 26,294 9 99,404 8
Retail store and online credit 718 11 2,063 8 9,209 10
Credit cards & personal loans 4,391 21 12,613 12 49,777 9
Second charge mortgages 83 2 251 -2 1,025 11
Car finance 3,174 29 10,357 7 35,244 6
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