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Seasonal slowdown in second charge lending: Enterprise Finance Secured Loan Index PDF Print E-mail
Wednesday, 27 January 2016

Secured lending established a new record peak in October at £98.5m, increasing 6% from the previous record set in September, according to the latest Enterprise Finance Secured Loan Index. This surge in lending represents a 47% increase year-on-year. 

Following October’s landmark lending, November plunged into a winter freeze. Lending dipped 12% on the previous month, with transactions falling to £86.7m. However, this is still an increase of 42%, compared to the same month last year, rising from £60.9m up to £86.7m in just 12 months. November typically sees a seasonal decline in lending, with an average dip of 12% from October over the past three years, matching this month’s decline.

The annual gross lending figure has shot up to £959m in the last two months, as it approaches the billion-pound milestone. Total lending should hit this target at the start of 2016, if the current growth rate continues. The 6% rise since September demonstrates the significant uptick in demand for secured lending.

Harry Landy, Sales Director of Enterprise Finance, said: “October saw a record month of secured lending, as the industry continues its dramatic expansion. The £98.5m of transactions during the month was three times more than the monthly average in 2011 (£32.3m). This demonstrates the huge advance in the market in just four years.

“It was always going to be a difficult to maintain these higher levels of lending, with November seeing the typical drop, as expected. This seasonal fall in secured lending could be partly due to consumers typically expanding their existing sources of financing such as overdrafts, rather than consolidating their borrowing in the run up to Christmas. However, November was still significantly better than the same month in previous years with an extra £25.8m of transactions year-on-year.”

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