Asset finance new business (primarily leasing and hire purchase) grew by 13% in November, compared with the same month in 2015, according to the Finance & Leasing Association (FLA).

The plant and machinery finance and business equipment finance sectors reported new business up in November by 18% and 33% respectively, while commercial vehicle finance new business increased by 11% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “November was a particularly strong month for the asset finance market, with double-digit growth across all of the main asset sectors.

“Recent months have seen a recovery in new finance provided for construction and agricultural equipment, with the latest FLA figures for November showing new business in these sectors up by 29% and 20% respectively.”