Latest figures from the Finance & Leasing Association (FLA) show 10% growth in asset finance new business in October 2014, compared with the same month last year.

Over the same period, new business in the core market for deals of up to £20 million increased by 21%.

Growth across key asset finance sectors continued. Compared with October 2013, IT equipment finance grew by 52% and business new car finance by 31%. The commercial vehicle finance sector reported its strongest rate of growth so far in 2014, with new business up by 28% in October.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance industry, through the provision of leasing and hire purchase, has played a key role in supporting the recovery in business investment over the last year.

“With the industry reporting its thirteenth consecutive month of growth in October, the core market is to likely reach £24.8 billion in 2014 as a whole and surpass its pre-recession level in 2015.”