Figures released by the SMMT today show that the UK’s new car market in May was down 2.2% on the same month last year at 185,797 units.
Go deeper with GlobalData
The decline continues a weakening trend this year in the UK car market. Analysts say that consumers are wary of recent interest rates and the possibility that house prices could decline later this year.
In May, interest rates rose for the fourth time since August to 5.5% in response to concerns over inflationary pressures in the economy. A further quarter point rise has been widely tipped to be announced by the Bank of England tomorrow.
However, the SMMT maintained that the decline in the car market in May was in line with expectations and that the market is on target to reach 2.335m units this year.
In the first five months of the year new car registrations were up 2.2% to 1,044,436 units.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe SMMT also pointed out that diesel car sales remain strong. Year-to-date diesel car sales are up 7.2% to 404,658 units.
