New figures released today by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year.
Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors together reported a fall in new business of 4%. Over the same period, second charge mortgage new business grew 20% by value.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The consumer finance market has seen modest growth in new business overall since November as confidence about the economic outlook has weakened.
“We continue to expect low single-digit new business growth in 2019 as a whole if uncertainty about the outlook for the UK economy reduces.”