The UK's used car finance market has witnessed considerable improvements over recent months, new data from the Finance & Leasing Association (FLA) has revealed.

According to the FLA's figures for October, the month recorded a 16 per cent upturn in the number of consumers purchasing used cars across the country in comparison to the same period last year.

This means that in the 12 months to the end of October 2013 there has been an overall 14 per cent rise in registrations within the sector, totalling almost 890,000 purchases.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The used car finance market has reported strong growth since April of this year. It's on target to record its highest level of annual new business volumes in more than a decade."

She added growth in the used car sector is taking place in line with increasing private new car sales figures, with the automotive industry building on a particularly strong period in 2012 – overall volumes rose by 40 per cent last year.

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