Market Data

Asset finance new business grew by 12% in November 2022

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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2022 by 12% compared with the same month in 2021. In the 11 months to November 2022, new business was 5% higher than in the same period in 2021.

The commercial vehicle finance and business car finance sectors reported new business up in November by 10% and 35% respectively, compared with the same month in 2021. Business equipment finance new business grew by 13% over the same period.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “November saw the asset finance market report its seventh consecutive month of growth as the market continues to recover to more normal pre-covid levels of new business. New lending to SMEs increased by 11% in November and the industry is on track to report a record level of asset finance new business to SMEs in 2022 as a whole.

“Our latest figures show that the asset finance market is playing a vital role in supporting businesses of all sizes to invest in new equipment that improves efficiency as they face a difficult year of uncertainty about demand and a squeeze on business margins from higher costs and interest rates.”

Nov 2022

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Nov 22

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Nov 22

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Total FLA asset finance (£m) 

2,803 12 8,789 13 32,842 5
Total excluding high value (£m)  2,703 15 8,433 16 30,728  5
Data Extracts:      
By asset:      
Plant and machinery finance (£m)  590 -4 1,936 8 7,721 7
Commercial vehicle finance (£m)  810 10 2,338 9 8,724 4
IT equipment finance (£m)  98 33 370 6 1,525 -17
Business equipment finance (£m)  156 13 496 2 1,979 7
Car finance (£m)  884 35 2,696 25 9,226 9

Aircraft, ships and rolling stock finance (£m) 

30 205 71 47 333 -4
By channel:
Direct finance (£m)  1,192 25 3,741 23 13,255 
Broker-introduced finance (£m)  623 14 1,987 18 7,248 10
Sales finance (£m)  888 4 2,705 5 10,224 
By product:
Finance leasing (£m)  276 18 902 16 3,317
Operating leasing (£m)  626 30 1,848 16 6,137  -2 
Lease/Hire purchase (£m) 1,563 5 4,873 12 18,688 
Other finance (£m)  259 33 885 22 3,459