The value of new second charge business came to £109m across 2,543 new agreements in October, which following September’s positive figures, has been cheered as a “return to more normal monthly levels.”

So says the Finance and Leasing Association (FLA) director of consumer finance Fiona Hoyle regarding the association’s latest figures, which describe the value of new business in October growing 55% on the year.

In the 12 months to October, the value of new business came to to £1.04bn, the report adds – a 24% annual increase.

And the total of new agreements in the 12 months to October now stands at 24,626 – an annual rise of 26%.

Hoyle continues: “We expect new business volumes to continue to grow despite heightened economic uncertainty over the coming months.”

Loan.co.uk chief executive Paul McGerrigan agrees. He says: “Comparing the FLA figures out today with our own October and November performance, we calculate that the UK’s annual secured lending will comfortably exceed 2018’s total of almost £1.07bn – though this year’s final numbers may come in slightly behind the peak (post 2008 crash) of £1.3bn achieved in 2019.”

He adds: “Looking to the future – second charge lending typically reduces over December as families concentrate on Christmas, with a reawakening in January.

“Judging by this year’s growth in lending and house prices, we believe that – if the economy remains stable and unemployment under control – next year will experience growth beyond 2019’s figures.”