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Market Data Sponsored by Market Data Asset finance new business grew by 12% in November 2022 Published: 12th January 2023 Share 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 % change on prev yr 3 mths to Nov 22 % change on prev yr 12 mths to Nov 22 % change on prev yr 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 4 Broker-introduced finance (£m) 623 14 1,987 18 7,248 10 Sales finance (£m) 888 4 2,705 5 10,224 2 By product: Finance leasing (£m) 276 18 902 16 3,317 3 Operating leasing (£m) 626 30 1,848 16 6,137 -2 Lease/Hire purchase (£m) 1,563 5 4,873 12 18,688 8 Other finance (£m) 259 33 885 22 3,459 6 Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories Market DataSMEs hit by £9 billion in lost interest, research reveals Market DataSurvey highlights resilience and optimism of UK SMEs Market DataUK corporate insolvencies drop 8.9% in August