New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year.

Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second charge mortgage new business increased 20% by value and 19% by volume over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The growth in consumer finance new business so far in 2017 has been in line with expectations. The latest research from Oxford Economics on behalf of the FLA suggests that total UK new consumer credit will grow by 4.1% in 2017 overall and by 1.2% in 2018.”

Table 1: New consumer credit lending

Oct 2017

% change on prev. year

3 months to Oct 2017

% change on prev. year

12 months to Oct 2017

% change on prev. year

Total FLA consumer finance (£m)

7,832

+10

23,995

+5

92,504

+6

Data extracts:

Retail store and online credit (£m)

613

+3

1,679

+5

6,720

+2

Credit cards & personal loans (£m)

4,075

+13

11,971

+6

47,447

+7

Second charge mortgages (£m)

85

+20

254

+15

993

+13

Car finance (£m)

2,727

+8

8,971

+5

33,218

+6