Consumer Credit Solutions (CCS) managed PV and home improvement loan approvals of £10,051,029 for the week commencing 18 August – a company record.
This was the first time in its 15 year history that CCS has exceeded £10m in just one week.
CCS managing partner Andy Wallace said: “It’s a positive sign, as our industry is known to be a very good barometer for the economy as a whole. We’re dealing with home owners who are looking to improve their properties, and the fact they’re spending money on high value purchases is a good indicator that people have more confidence.
“In addition, we’ve seen significant increase in the number of loan approvals for the renewables market. By the end of the year we expect a third of all lending to be for domestic solar PV. Being able to offer credit to customers looking to purchase solar panels has been a real game changer for the sector, and we expect it to continue to drive sales volumes up.”
He added: “To achieve this level of approvals is unprecedented, because typically July and August are quieter months. Even though it’s not a true quarter, the upcoming trading period of September, October and November are traditionally the strongest period of the year across the home improvement sector. So given that business is so buoyant in the summer months that makes us extremely confident for the rest of the year and into 2015.”