There was 11% growth in asset finance new business during the 12 months to August 2014.

The data published by the Finance & Leasing Association (FLA) means the annual total is more than £24 billion – the highest reported by the industry for five years.

The strongest new business growth in August was reported by the business new car finance sector, up 38% compared with August 2013. Plant and machinery finance and commercial vehicle finance were also up by 7% and 5% respectively over the same period. IT equipment finance recorded a second consecutive month of strong growth in August as new business increased by 10% on the same month a year earlier.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market has grown in each month so far this year, driving the annual total of new business up to its highest level since August 2009.

“Recent months have seen growth extend beyond the commercial vehicle and plant and machinery finance sectors, which were the key drivers of growth over the last year.”