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Second charge lending rises 7%

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  • 25/08/2011
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Second charge lending rises 7%
Second charge lending in June increased 7% year-on-year to £26m, as total consumer credit lending dropped 3%, according to the Finance & Leasing Association (FLA).

Its latest figures revealed that secured lending in Q2 totalled £69m, up 6% on the second quarter of 2010.

However, for the 12 months to June 2011, second charge funding was down 11% on the previous year to £282m.

Overall, consumer credit lending by FLA members in June fell 3% to £4.3bn and was down 1% in Q2 to £12.7bn compared to the same period of last year.

The FLA said the fall reflected the low levels of consumer confidence on the high street.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “We are still waiting for significant signs of recovery in the consumer finance markets. During the last 12 months, we have seen some markets performing better than others.”

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