The latest figures from the Finance & Leasing Association (FLA) showed further growth in demand from UK businesses for asset financing.
British firms borrowed 27% more from asset finance brokers this March than they did over the same period last year. Overall, demand for this kind of leasing grew by 19% during Q1 of 2015, when compared to 2014.
The FLA’s chief economist and head of research, Geraldine Kilkelly, said:
“The asset finance market, through the provision of leasing and hire purchase, has made an excellent start to 2015. March new business of £3.1 billion was the highest monthly total since September 2008, with record levels of new business reported by some asset finance sectors.”
Demand increased across the sector, but the biggest growth came from the top end of the market, with enterprises and organisations borrowing 2,168% more to buy new ships, aircraft and rolling stock during March 2015. The next biggest area for demand was IT equipment, which was up by 35%, followed by plant and machinery with growth of 27%. The demand for car finance was up by 22%, commercial vehicle leasing up by 21%.
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