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FLA members complete £28m of secured loans

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FLA members complete £28m of secured loans

The latest figures from the Finance & Leasing Association (FLA) have shown that February’s secured lending increased by 17 per cent on last year’s figures.


In February 2013 £28 million was lent in second mortgages by FLA members, a growth of 17 per cent on the amount lent in February 2012.


In the 12 months up to February 2013 FLA members have lent a total of £337 million, which represents a 15 per cent growth on the previous 12 month period.


Commenting on the secured lending data, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “Although the value of second charge mortgage new business grew by 17 per cent in February compared with the same month in 2012, the number of new contracts was 1 per cent lower over the same period. This was the first contraction in volumes since November of last year. The average advance in February was £29,787, 18% higher than in February 2012.”


The average advance in January was £30,242, which was 15 per cent higher than in the same month in 2012.


The figures released last week show that new consumer finance provided by FLA members in February was at a similar level to February 2012. The point of sale finance markets continued to grow – consumer motor finance was up 22 per cent, and store instalment credit grew by 4 per cent. The Government’s proposed new system of credit regulation needs to support this economically important market.

 

Table 1: New consumer credit lending

 

Feb 13

% change on prev. year

3 months to Feb 2013

% change on prev. year

12 months to Feb 2013

% change on prev. year

Total FLA consumer finance (£m)

3,846

0

12,606

+1

54,964

+5

Data extracts:

 

 

 

 

 

 

Store cards (£m)

81

-10

354

-17

1,443

-15

Credit cards & personal loans (£m)

2,282

-9

7,691

-6

31,988

-2

Store instalment credit (£m)

223

+4

703

+4

2,776

+16

Second mortgages (£m)

28

+17

81

+21

337

+15

Car finance (£m)

1,144

+22

3,517

+22

17,094

+22

 

 

Commenting on the statistics, Fiona Hoyle, Head of Consumer Credit at the Finance & Leasing Association, said: “The consumer credit market creates jobs and contributes billions to the economy, so maintaining the supply of credit is absolutely vital.


“Our main concern about the Government’s proposed new system of credit regulation is the very short timetable. The new rules are not yet written but are due to be implemented in less than a year’s time.


“We need a well-managed transition process which will give firms the time they need to implement the new system while continuing to serve their customers.”

 By Jason McGee-Abe




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