CCR Magazine

New figures released today by the Finance & Leasing Association (FLA) show 8% growth in consumer finance new business in July, compared with the same month last year.

Point-of-sale consumer car finance grew by 15% in the same period, while retail store and online credit was 4% higher than in July 2014. The second-charge mortgage market reported new business up 37% by value in July, while the number of new second-charge mortgages grew by 5% to 1,826 compared with July 2014.

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

“July saw growth across the main consumer finance products. Over the last twelve months consumer finance provided by FLA members grew by 6%, which is line with our own research which suggests growth of between 7-8% in UK new consumer credit in 2015 as a whole.”

(Source - FLA News Release)