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Industry records 30% annual growth


Industry records 30% annual growth

The latest figures from the Finance & Leasing Association (FLA) have shown that January’s secured lending increased by nearly one third on last year’s figures. 


In January 2013 £30 million was lent in second mortgages to FLA members, a growth of 30 per cent on the amount lent in January 2012.

Over the past 12 months, FLA members have lent a total of £333 million which represents a 16 per cent growth on the previous 12 months.

Commenting on the secured lending data, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The second charge mortgage market had a good start to 2013. New business by value grew by 30 per cent in January to £30 million and the corresponding number of new contracts increased by 14 per cent to 992. This meant that the average advance in January was £30,242, which is 15 per cent higher than in the same month in 2012.”

Overall, the FLA’s data evidenced a small increase in consumer credit lending in January of one per cent compared with the same month in 2012.

Higher growth continued in car finance, second charge mortgages and store instalment credit, showing that the task of designing a new credit regulation regime which actively supports this diverse market is more important than ever.
 
 
Commenting on the statistics and the Government’s timetable (published this week) for writing a new set of rules for consumer credit, Stephen Sklaroff, Director General of the Finance & Leasing Association, said: “This market contributes £260 billion to the UK economy annually. Millions of people rely on it for everything from the car in their driveway to the sofa they sit on each evening. Tens of thousands of high street stores, motor dealers, and the lenders which provide the credit, need a realistic timeframe in which to prepare for the new regulatory regime.

“The Government’s target of April 2014 seems very tight, given the huge amount of work still to be done.  A sensible transition period and a smooth process will be vital to maintain the current supply of credit to consumers and businesses.”
 

 




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