Latest figures from the Finance & Leasing Association (FLA) show growth of 27% in asset finance new business in March 2015, compared with the same month a year earlier, and 19% growth in the first quarter of 2015 overall.

In March, IT equipment finance grew by 35%, and plant and machinery finance and commercial vehicle finance by 27% and 21% respectively, compared with March 2014.

First quarter results show IT equipment finance up by 53% compared with Q1 2014, while plant and machinery finance and commercial vehicle finance each grew by 13% in Q1 2015.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market, through the provision of leasing and hire purchase, has made an excellent start to 2015. March new business of £3.1 billion was the highest monthly total since September 2008, with record levels of new business reported by some asset finance sectors.”