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FLA confirms secured lending growth of 52%


FLA confirms secured lending growth of 52%

The latest figures from the Finance & Leasing Association (FLA) have shown that June’s secured lending increased by 52 per cent on last year’s figures.


In the 12 months up to June 2013 FLA members have lent a total of £384 million, which represents a 27 per cent growth on the previous 12-month period.


The second charge mortgage market grew by 52 per cent by value (to £38 million) and the number of new second charge mortgages increased by 37 per cent (to 1,222).


The Q2 results showed growth in new business by value and volume of 51 per cent and 32 per cent respectively, with the average advance 14 per cent higher than in Q2 2012, at £30,486.


Second charge mortgages has totalled £384 million lending in the 12 months to June.


Commenting, Fiona Hoyle, Head of Consumer Credit at the FLA, said: “Lenders in the second charge mortgage market will be affected by the transfer of consumer credit regulation to the Financial Conduct Authority in 2014 and will also be subject to the Mortgage Directive in 2015.


“With demand returning to this sector, it’s important that the Government’s implementation plan is managed smoothly to maintain the supply of this type of credit for consumers.”


Table 1: New consumer credit lending


 

June 13

% change on prev. year

3 months to June 2013

% change on prev. year

12 months to June 2013

% change on prev. year

Total FLA consumer finance (£m)

4,646

+6

14,437

+6

56,151

+5

 

 

 

 

 

 

 

Data extracts:

           

Store cards (£m)

104

-12

328

-6

1,407

-13

Credit cards & personal loans (£m)

2,429

-6

7,704

-5

31,493

-4

Store instalment credit (£m)

238

+12

753

+10

2,847

+11

Second charge mortgages (£m)

38

+52

116

+51

384

+27

Car finance (£m)

1,713

+29

5,154

+29

18,651

+24


                             
By Jason McGee-Abe

 




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