There was a 5% increase in new consumer finance in May 2013, according to figures released today by the Finance & Leasing Association (FLA).
The second charge mortgage market continued its expansion with new business growing 43% by value and 23% by volume.
Fiona Hoyle, head of consumer credit at the FLA, said: “These figures show continued demand for the affordable, responsibly-provided credit which is so important for economic recovery.
“As the government finalises the statutory framework for the transfer of consumer credit regulation to the Financial Conduct Authority in April 2014, it is vital that the supply of credit to consumers is maintained. The start of the new regime is only nine months away, and the new regulator has a lot to do in a very short time to ensure a sensible transition process.”
Table 1: New consumer credit lending
May 13 | % change on prev. year | 3 months to May 2013 | % change on prev. year | 12 months to May 2013 | % change on prev. year | |
| Total FLA consumer finance (£m) | 5,002 | +5 | 15,400 | +5 | 55,896 | +4 |
| Data extracts: | ||||||
| Store cards (£m) | 121 | -2 | 324 | -6 | 1,421 | -13 |
| Credit cards & personal loans (£m) | 2,742 | -4 | 7,803 | -6 | 31,654 | -4 |
| Store instalment credit (£m) | 259 | +4 | 747 | +6 | 2,821 | +12 |
| Second mortgages (£m) | 40 | +43 | 113 | +43 | 371 | +22 |
| Car finance (£m) | 1,711 | +25 | 6,028 | +24 | 18,267 | +23
|
