Data published by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 3% in November 2014, compared with the same month the previous year and increased by 10% in the 12 months to November.

Retail store and online credit new business was 4% higher in November 2014 than in the same month a year earlier.

However, it was a quieter month for the second charge mortgage market, as new business grew 7% by value, while falling l8% by volume. Second charges totalled £45 million during the month.

Geraldine Kilkelly, the FLA’s head of research and chief economist, said: “The run-up to Christmas usually sees a strong performance by the retail store and online credit sector and 2014 was no exception.

“New business in this sector reached £638 million in November, its best November performance for at least three years.”