New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in March, compared with the same month last year, and by 8% in Q1 2016, compared with the same period in 2015.
IT equipment finance and commercial vehicle finance grew in March by 29% and 5% respectively, but plant and machinery finance fell by 2% over the same period.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: "March saw the asset finance market report its highest level of monthly new business on record. Growth was broad-based with the exception of a fall in new finance for plant and machinery. The slowdown in this sector reflects the apparent weakness of the industrial sector reported in the latest national statistics."
|March 2016||% change on prev year||3 months to March 2016||%change on prev. year||12 months change to March 2016||% change on previous year|
|Total FLA asset finance (£m)||3,419||+10||7,484||+8||29, 665||+9|
|Total excluding high value||3,086||+5||7,053||+6||28,524||+9|
|Plant and machinery finance (£m)||609||-2||1,429||+1||5,826||+4|
|Commercial vehicle finance (£m)||774||+5||1,771||+9||7,024||+13|
|IT equipment finance (£m)||260||+29||482||0||2,250||+26|
|Business equipment finance (£m)||226||+11||550||+3||2,093||-6|
|Car finance (£m)||1,058||+6||2,224||+9||9,123||+10|
|Aircraft, ships and rolling stock finance (£m)||22||-84||83||-63||415||-8|
|Broker-introduced finance (£m)||518||+11||1,274||+4||5,076||+7|
|Sales finance (£m)||1,092||+6||2,215||+4||9,060||+8|
|Finance leasing (£m)||367||-2||841||-4||3,695||+1|
|Operating leasing (£m)||799||-1||1,696||+3||6,706||+8|
|Lease/Hire purchase (£m)||1,611||-1||3,728||+4||15,221||+10|
|Other finance (£m)||642||+119||1,218||+48||4,043||+20|