Figures published by the Finance & Leasing Association (FLA) show that new business grew by 7% in April 2014, compared with the same month last year.

The second charge mortgage market in April reported the value of new business up by 21%, although the number of new contracts fell slightly, by 2% compared with the same month in 2013.

Credit card finance and personal loans grew by 3% in the same period, as did retail store and online credit.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Growth rates in April across the main consumer finance sectors were more modest than in recent months. Nevertheless, FLA members’ share of the UK consumer credit market increased to 33.5% in the 12 months to April, up from 33.4% in March.

“April 2014 also saw a big change to the way in which consumer credit is regulated in the UK, with the introduction of the Financial Conduct Authority’s (FCA) new supervisory regime.”