Second charge lending totalled £34.3m in November, up 7.5 per cent on the £31.9m advanced in October and a 22.5 per cent increase from the £28m advanced a year earlier.
To the end of November, overall secured lending stands at £327.1m in 2012. The highest year-end total was in 2009, when a total of £566m was advanced to customers.
Loans Warehouse joint managing director Matt Tristram says: “We have had uninterrupted levels of over £30m for five straight months now and demand for secured loans has remained relatively consistent.The key to recovery is a stable market and compared to the irregular 2011, I think it is reasonable to say that the market is in excellent health.
“Over these last few months, awareness of secured loans has increased substantially- especially among brokers. This was a key challenge when we first launched the index and so it is encouraging that more mortgage networks are ensuring they have a secured loan offering through a master broker.”
Tristram adds that the sector will experience further growth next year.
He says: “All in all, this year has been a great year for the secured loan industry but I believe 2013 will be the year. Improved confidence in alternative lending and continued innovation from the lenders should be a huge impetus on the market in the coming months and drive the second charge lending market further forwarding 2013.”