The market for vehicle leasing experienced a boost in 2015, with 87% of brokers reporting increased demand for leases and other financial products in a survey by the Leasing Broker Federation (LBF).

In the survey, conducted in Q3 and Q4 of 2015, brokers expressed optimism as SMEs, corporates, and private buyers sought to take advantage of low lease rates.

Personal contract hire (PCH) was the main driver in the market, experiencing an increase of more than 25% over 2015.

A growth in PCH was experienced by 86% of firms, and the same number expected further growth in the coming 12 months. Contract hire was expected to grow by 71% over 2016.

Colin Tourick, author of the report and professor of Automotive Management, University of Buckingham, said: “Brokers remain optimistic…almost all believe they have a sound long-term future, especially in their core areas of contract hire and finance leasing, but interestingly the recent move towards personal contract hire or purchasing is now making major inroads into this sector.”

Leasing brokers also reported that their clients increasingly sought a wider range of services such as maintenance, short term lease, and fleet management, as well as risk management solutions, mobility solutions, and legal services.

“Clearly there is scope for more brokers to broaden the range of services they offer their clients,” added Tourick.

“After delivering record returns in 2015, brokers look poised to expand their market presence further by offering enhanced professional services as well as moving into areas that have traditionally been the preserve of leasing companies.”