Secured loan lending in April was up 15.21% on the previous month, according to Loan Warehouse’s latest secured loan index.
The latest report found that secured lending has broken the £40 million barrier for the first time in over three years.
There was a 73% monthly, year on year increase and over double what was lent in April 2011, with a final lending figure for April of £41,752,623,000 marking the 18th consecutive month of a year on year increase in secured lending.
Sam Busfield, managing director of Loans Warehouse, said: “Breaking the £40,000,000 barrier is a milestone and reaffirms the resurgence of our industry. With the year-on-year monthly figures demonstrating sustained growth, everything is pointing towards 2013 being the real turning point; there will no doubt be many challenges
ahead but there is an appetite and buzz within the industry not seen for some time.
“The secured loan industry is pleased to announce that for the first time we have a representative on the AMI board, with Marie Grundy of VLoans being appointed earlier this week.”
Busfield added: “Another positive note is earlier this month Halifax announced house prices in the three months to April were 1.3% higher than in the previous three months.
“Less positive was the increase in second charge repossessions in the first quarter of 2013 to 226. However, according to the Finance & Leasing Association (FLA) the overall figures remain low and they have forecast less than 750 repossessions this year despite the increased activity in the market.
“The biggest change in secured loan lending last month was Masthaven Secured Loans’ announcement that they were increasing the maximum LTV on their buy-to-let range to a market leading 70% LTV.”
