The Finance & Leasing Association (FLA) has reported a 14% increase in consumer finance new business compared with June last year, and a 13% increase in the first half of 2014.
The second charge mortgage market reported new business up 21% by value and 9% by volume compared with June 2013 – the first growth in new contracts since March.
The FLA reported £46m in second charge loans for June and a total of £138m for the year to date.
Credit cards and personal loans were up by 10% in June, while the half-year figure showed an 8% increase. Point-of-sale finance was up 20% on June last year and grew by a similar rate in the first half of 2014. Retail store and online credit showed a 10% increase in June and 11% over the first of the half the year.
Geraldine Kilkelly, head of statistics and chief economist at the FLA, said: “Growth strengthened across the consumer finance market in June following a relatively quiet couple of months. Consumer confidence was no doubt boosted by the good weather and the start of the summer sales.”
