New figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall.

Credit card and personal loan new business together grew by 10% compared with June 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business grew 33% by value and 22% by volume over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “In the first half of 2017, consumer finance new business grew by 5% compared with the same period in 2016, in line with modest single-digit growth expectations for the year as a whole.”

Table 1: New consumer credit lending

June 2017

% change on prev. year

3 months to June2017

% change on prev. year

12 months to June2017

% change on prev. year

Total FLA consumer finance (£m)

7,708

+7

22,515

+4

90,416

+6

Data extracts:
Retail store and online credit (£m)

530

+3

1,587

0

6,581

+1

Credit cards & personal loans (£m)

3,898

+10

11,707

+8

46,155

+7

Second charge mortgages (£m)

94

+33

259

+36

940

+5

Car finance (£m)

2,812

+5

7,888

0

32,590

+7