The Finance & Leasing Association (FLA) has reported growth of 10% in consumer finance new business in March, and 5% in the first quarter of 2015 overall.
The second charge mortgage market reported new business up 33% by value and 7% by volume in March – its highest level since Q4 2008. The FLA said second charge mortgages totalled £68m in March.
Retail store and online credit was up by 5% in March, while personal loans and credit card new business together grew by 4% over the same period.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The strength of the consumer finance market in March reflects the general improvement in consumer confidence, and particularly with regard to making major household purchases.”