Latest figures from the Finance & Leasing Association (FLA) show growth in asset finance new business (primarily leasing and hire purchase) of 13% in January 2015, compared with the same month in 2014. 

Total FLA asset finance was £1.915 billion.

New business was up by the same rate in the 12 months to January 2015.

Plant and machinery finance grew by 12% in January compared with the same month a year earlier, while IT equipment finance and business equipment finance grew by 49% and by 10% respectively over the same period.

Geraldine Kilkelly, head of research and chief economist, said: “The asset finance market has made a good start to 2015, with growth continuing across key asset sectors. The percentage of UK investment in machinery, equipment and purchased software financed by FLA members increased from 26.2% in 2013 to 27.2% in 2014, reaching its highest level since 2011.”