The UK’s asset finance markets grew by 6% year-on-year in May, with plant and commercial vehicles seeing the most investment, according to the latest data from the Finance & Leasing Association (FLA).
The latest statistics from the FLA show that the value of new contracts in May was £1.98bn (2.47bn). This figure pushes the value of deals in the three months to the end of May up to £6.4bn, a rise of 11% on the same period in 2013.
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In a positive sign for the UK economy, the plant and machinery sector had £424m of new business, an 8% climb in the value of assets financed in May, in the three months to the end of May the total value financed reached over £1.3bn, a rise, year-on-year of 17%.
This was only outstripped by the commercial vehicles sector, which, despite issues with EU emissions regulations was up 20% in the same period, helped largely by £475m of new business (+21%) in May.
Investment in IT equipment saw a fall in investment in May, however, with only £103m of new deals. This was a fall of 36% on the year before and pushed the total for the three months down by 19% on the year before to £329m.
May was a good month for big ticket items with £34m in finance written, a rise of 339% on the year before.
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