New figures released by the Finance & Leasing Association (FLA) indicate a significant increase in the growth of total asset finance new business, primarily leasing and hire purchase, in the month of November 2022.
According to the data, new business in this sector grew by a substantial 12% compared to the same month in the previous year.
When looking at the eleven months leading up to November 2022, the data shows that new business was 5% higher than the same period in 2021.
The data also shows commercial vehicle finance and business car finance sectors also reported noteworthy growth in new business.
Specifically, in November 2022, new business in these sectors increased by 10% and 35% respectively, when compared to the same month in 2021. Additionally, the business equipment finance sector also saw an increase in new business, with a growth of 13% over the same period.
The Director of Research and Chief Economist at the FLA, commented on the figures, stating, “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”.
“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.”
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