Asset finance new business grew by 12% in September year-on-year, according to the Finance & Leasing Association (FLA).
The increase to £2.9bn (€3.4bn) marks the thirty-sixth straight month of growth, composed mostly of leasing and hire purchase.
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All types of asset except aircraft, ships, and rolling stock finance experienced an increase, with business equipment finance increasing 29% year-on-year in September.
Aircraft, shops, and rolling stock finance declined 67% year-on-year to £149m in September, despite having risen 51% year-on-year in the three months to September 2016.
Total asset finance increased 12% year on year in the three months to September 2016, reaching £7.7bn, more than half of which was through direct finance of £3.7bn.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first post-EU referendum quarterly results saw the asset finance market record its strongest rate of new business growth for more than a year.
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By GlobalData“Encouragingly, September saw the second consecutive growth in new finance provided for plant and machinery. In the third quarter as a whole, new finance for agricultural equipment and construction equipment grew y 16% and 4% respectively compared with Q3 2015.”
