Asset finance in the UK is showing signs of robust growth, particularly in the realms of leasing and hire purchase, according to the Finance & Leasing Association. 

The FLA’s latest figures demonstrate a noteworthy 11% surge in total asset finance new business for October 2023 in comparison to the corresponding month in 2022. 

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This positive momentum extends over the ten months leading up to October 2023, marking a substantial 14% increase compared to the same interval in the prior year.

Breaking down the data, the business new car finance sector experienced an impressive 53% uptick in new business in October 2023 versus the same month in 2022. 

Similarly, the commercial vehicle finance sector reported an 8% surge during the same period. However, the plant and machinery finance sector bucked the trend, recording a decline of 17% in new business over the specified time frame.

Geraldine Kilkelly, the FLA's Director of Research and Chief Economist, said: “The asset finance market returned to double-digit new business growth in October with further strong performances from the vehicle finance sectors. New asset finance lending to SMEs grew by 6% compared with the same month in 2022, while to larger businesses it increased by 15%.

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“2023 is set to be a record year for the asset finance industry as new business is expected to reach more than £38 billion. The industry directly supports the real economy by providing finance to businesses of all sizes which funds as much as 40% of UK investment in machinery, equipment and vehicles. Asset finance is playing a vital role in funding the investment needed to raise productivity while helping the UK transition to net zero which will ultimately raise economic growth and household living standards.”