New figures from the Finance & Leasing Association (FLA) show growth of 8% in consumer finance provided by FLA members during July.
Second charge mortgage new business was up 32% by value in July.
Point-of-sale car finance increased by 27% during the period, and store instalment credit rose by 7%.
Fiona Hoyle, head of consumer credit at the FLA, said: “Our latest figures show the important contribution the credit sector provides to the wider economy, with point-of-sale finance seeing continued growth. The transfer of consumer credit regulation to the Financial Conduct Authority began this week, with the start of applications for Interim Permissions.
“Maintaining capacity in the credit market should be a priority now that the countdown to the new regime has begun.
“A smooth and proportionate transition process will be essential.”
Table: New consumer credit lending
|
July 13 |
% change on prev. year |
3 months to July 2013 |
% change on prev. year |
12 months to July 2013 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
4,941 |
+8 |
14,589 |
+6 |
56,505 |
+5 |
|
|
|
|
|
|
|
|
| Data extracts: |
|
|
|
|
|
|
| Store cards (£m) |
107 |
-8 |
332 |
-7 |
1,398 |
-13 |
| Credit cards & personal loans (£m) |
2,743 |
-1 |
7,914 |
-4 |
31,473 |
-5 |
| Store instalment credit (£m) |
260 |
+7 |
757 |
+7 |
2,863 |
+9 |
| Second mortgages (£m) |
41 |
+32 |
119 |
+42 |
394 |
+29 |
| Car finance (£m) |
1,658 |
+27 |
5,082 |
+27 |
19,000 |
+24
|
