New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) in September was at a similar level to the same month in 2017.

In Q3/18, new business grew by 6% compared with the same quarter in the previous year.

New finance for IT equipment and plant and machinery grew in September by 60% and 3% respectively, compared with the same month in 2017. Over the same period, the business car finance sector reported a fall in new business of 20%1.

Commenting on the figures, Geraldine Kilkelly, head of Research and chief economist at the FLA, said, “Asset finance new business continued to grow in the third quarter despite continuing uncertainty about the outcome of the Brexit negotiations. The market is on track to report new business growth of around 5% in 2018 as a whole, reaching a record annual total of £33 billion.”