Asset finance

Asset finance market sees 6% growth in June

Asset finance new business (primarily leasing and hire purchase) grew by 6% in June, compared with the same month last year, according to the latest research.

Figures released by the Finance & Leasing Association (FLA) revealed that in the first half of 2019 new business was 8% higher than in the same period in 2018.  

The commercial vehicle finance and plant and machinery finance sectors reported new business up in June by 10% and 1% respectively, compared with the same month in 2018.

By contrast, new business reported by the business equipment finance sector fell by 1% over the same period. 

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “A strong performance by the asset finance market in the first half of 2019 meant the latest annual new business total reported by the industry reached a record level of more than £34bn. 

“Asset finance continues to be popular with businesses of all sizes.

“Of the total new finance provided to businesses in the first six months of 2019, more than £10bn went to SMEs — 6% higher than in the first half of 2018.” 

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