New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) in November was at a similar level to the same month in 2017.
The plant and machinery finance and business equipment finance sectors reported new business up in November by 9% and 8% respectively, compared with the same month in 2017. By contrast, new finance for business cars and IT equipment fell by 6% and 32% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The asset finance market’s performance in November means the industry remains on track to report a record level of new business in 2018 as a whole.
“The percentage of UK investment in machinery, equipment and purchased software financed by FLA members reached 32.2% in the twelve months to September 2018, a nine-year high.”