Double digit growth in consumer finance
This was the first double-digit growth recorded in almost a year.
The second charge mortgage market saw new business grow 32% by value (to £37 million) and 22% by volume (to 1,193) compared with September 2012. The average second charge mortgage advance in September was 8% higher, at £31,014, than the same month in 2012.
In the point of sale finance market, new business was up 27% compared with the same month last year.
Commenting, Fiona Hoyle, head of consumer finance at the FLA said: “These figures show that the availability of responsibly provided credit is vital for the continued economic recovery… it would be very important to avoid any unintended adverse impact on the large number of credit intermediaries who play a major role in the supply of credit to consumers.”