New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017.

Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second charge mortgage new business increased 21% by value and volume over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.”

“The latest figures suggest single-digit new business growth in 2018 as a whole.”

Table 1: New consumer credit lending

Nov 2018

% change on prev. year

3 months to Nov 2018

% change on prev. year

12 months to Nov2018

% change on prev. year

Total FLA consumer finance (£m)

8,580

+2

26,768

+3

103,603

+7

Data extracts:

Retail store and online credit (£m)

1,115

+2

2,856

+7

9,573

+8

Credit cards & personal loans (£m)

4,296

+1

12,812

+5

52,035

+9

Second charge mortgages (£m)

99

+21

292

+17

1,064

+4

Car finance (£m)

2,761

+2

9,818

+0

36,841

+7

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