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New figures released by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in November, compared with the same month in 2015. The largest increase was seen in the motor finance sector, up 11%.
Credit card and personal loan new business together grew by 10% compared with November 2015, while retail store and online credit new business increased by 3% over the same period. Second charge mortgage new business volumes fell in November by 6%, while growth in the value of second charge mortgage new business was flat.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: "November saw new business growth across most of the main consumer finance products, as consumer confidence remained relatively robust in the build up to Christmas. In the eleven months to November 2016, overall new business grew by 10% compared with the same period in 2015.
|Nov 2016||% change on prev. yr||3 mths to Nov 16||% change on prev. yr||12 mths to Nov 16||% change on prev. yr|
|Total FLA consumer finance (£m)||7,656||+9||23,578||+8||87,920||+9|
|Retail store and online credit (£m)||737||+3||1,863||+2||6,713||+2|
|Credit cards & personal loans (£m)||4,108||+10||11,466||+7||44,697||+9|
|Second charge mortgages (£m)||77||0||225||-4||879||+7|
|Car Finance (£m)||2,423||+11||9,001||+9||31,582||+13|
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