Double-Digit Growth in Asset Finance in November

New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 13% in November, compared with the same month in 2015.

The plant and machinery finance and business equipment finance sectors reported new business up in November by 18% and 33% respectively, while commercial vehicle finance new business increased by 11% over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

November was a particularly strong month for the asset finance market, with double-digit growth across all of the main asset sectors.

Recent months have seen a recovery in new finance provided for construction and agricultural equipment, with the latest FLA figures for November showing new business in these sectors up by 29% and 20% respectively.”

Nov

2016

% change on prev. year

3 months to Nov 2016

% change on prev. year

12 months to Nov 2016

% change on prev. year

Total FLA asset finance (£m)

2,494

+13

7,929

+9

30,561

+8

Total excluding high value (£m)

2,370

+13

7,627

+8

29,153

+7

 

Data Extracts:

 

By asset:

Plant and machinery finance (£m)

495

+18

1,508

+14

5,981

+4

Commercial vehicle finance (£m)

634

+11

1,962

+5

7,416

+11

IT equipment finance (£m)

234

+68

617

+16

2,355

+6

Business equipment finance (£m)

225

+33

628

+26

2,401

+16

Car finance (£m)

711

+11

2,507

+5

9,301

+5

Aircraft, ships and rolling stock finance (£m)

20

-70

82

-42

486

-4

 

By channel:

Direct finance (£m)

1,169

+14

3,809

+10

15,026

+9

Broker-introduced finance (£m)

432

+12

1,380

+12

5,070

+9

Sales finance (£m)

769

+13

2,438

+4

9,056

+2

 

By product:

Finance leasing (£m)

285

-16

909

-4

3,844

+9

Operating leasing (£m)

575

-1

1,899

+6

7,010

+7

Lease/Hire purchase (£m)

1,393

+33

4,195

+8

15,803

+5

Other finance (£m)

242

+2

925

+37

3,904

+23

Author: Dylan Jones

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