Strong November for second charge market – FLA

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  • 11/01/2019
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Strong November for second charge market – FLA
The second charge market saw a strong November with the value and number of deals up 21% on the same month a year earlier.

 

Figures from the Finance and Leasing Association (FLA) for the three months and full year to November were also up compared to the same respective periods in 2017.

In total 2,282 second charge deals were completed in November worth £99m.

This took the annual total to 23,325 agreements worth £1.06bn – up six per cent and four per cent respectively.

Meanwhile the three months of September to November were up 17% on value of new business and number of agreements compared to the same period in 2017.

FLA head of consumer and mortgage finance Fiona Hoyle was positive about the continued performance of the sector over the last 12 months.

“The market has reported a relatively strong performance in recent months following a steady first half of 2018,” she said.

“The second charge mortgage market is likely to report solid single-digit new business volumes growth in 2018 overall.”

 

Modest consumer growth

Other figures from the FLA showed that consumer credit, personal loans and car finance also nudged up during November

Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%.

FLA head of research and chief economist Geraldine Kilkelly added: “The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.

“The latest figures suggest single-digit new business growth in 2018 as a whole.”

 

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