Asset finance new business – primarily leasing and hire purchase – grew by 5% in August compared with the same month last year, according to the Finance & Leasing Association (FLA).
This was the 23rd consecutive month of growth.
The total value of FLA asset finance in August was £1.876 billion.
August saw strong growth in new finance provided for IT equipment and commercial vehicles, up by 81% and 15% respectively compared with August 2014.
Following revisions to official business investment data published by the Office for National Statistics (ONS), the percentage of UK investment in machinery, equipment and purchased software financed by the asset finance industry has been revised up to 32.0% in the 12 months to June 2015.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The revised ONS business investment figures show that the industry’s contribution to the funding of investment is much greater than previous data suggested.
“The percentage of UK investment in machinery, equipment and software has grown from a low of just over a quarter in 2010 to almost a third in the year to June 2015.”