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V12 Retail Finance Q3 Data Shows Home Improvement Finance More Than Doubling



New quarterly data from V12 Retail Finance shows that UK consumers continued to turn to point-of-sale finance for high-value purchases in the third quarter of 2026. Total finance values across the platform grew 7% between July and September compared with Q3 2025, and were almost 20% higher than in the same period of 2024.


The quarter got off to a challenging start as prolonged hot weather and a busy international sporting calendar disrupted normal shopping patterns in July. However, each month of the quarter was ahead of the same month in 2025, and demand strengthened as the summer went on. As in the first half of the year, growth came mainly from categories linked to the home, health and practical everyday purchases. This suggests that households remain willing to commit to significant spending, but continue to be selective about where they do so.


Andrew Phillips, Managing Director of V12 Retail Finance said:

"The third quarter shows a consumer who is still willing to spend on what matters most, even when the backdrop is far from straightforward. July was a difficult month for many retailers, but demand held up and strengthened through August and September."

"The standout trend is the continued investment households are making in their homes. Home improvement finance more than doubled year on year in the quarter, and that reflects a broader shift we have been tracking for some time, as people choose to improve the homes they already have rather than move."


"Consumers remain cautious about the wider economic picture, and we expect them to stay selective. But the strength and breadth of demand across our portfolio gives us confidence as retailers head into Black Friday and the Christmas trading period."


Home improvements emerge as the defining trend of 2026

Home Improvements was a standout performer in V12’s portfolio in Q3. Finance values rose by around 112% year on year, and the pace of growth increased each month. Values were up approximately 56% in July, 107% in August and 163% in September.


The category has now grown almost fourfold in quarterly value since Q3 2024, and now accounts for around 7% of total finance values, compared with less than 4% in the same period last year. Across the first nine months of 2026, home improvement finance values are up by around 73% year on year. This builds on the multi-year pattern of increased investment in property-related projects that V12's earlier data releases highlighted.


Furniture remains the anchor of demand

Furniture remained the largest category by a significant margin, accounting for close to 49% of all finance values in Q3 2026. Finance values held broadly stable, rising around 1.5% year on year on what had been a strong Q3 2025.


Performance varied through the quarter, with July softer as warm weather reduced footfall, particularly at retail park locations. August was a stronger month for the category, with finance values rising nearly 9% year on year as cooler temperatures and Bank Holiday promotional activity brought customers back to stores. On August Bank Holiday Monday alone, applications approved across V12's portfolio rose by almost 40% compared with the same day in 2025, with furniture retailers making a significant contribution.


Healthcare and practical categories continue to grow

Healthcare and dental finance values rose by around 6% year on year, and are up by more than a third compared with Q3 2024. The category accounted for around 12% of V12's total finance values in the quarter. This reflects continued consumer willingness to invest in dental and elective treatment, supported by the expansion of V12's healthcare provider network.


Growth was also strong across several practical and lifestyle categories. Consumer electrical finance values more than doubled year on year, rising by around 126%. Cycles grew by around 24%, with double-digit growth in every month of the quarter. Motor finance rose by close to 6%.


Signs of stabilisation in discretionary categories

In Q1, discretionary luxury categories were under pressure. In Q3, there were early signs that this pressure is beginning to ease. Jewellery, the second largest sector by value, returned to growth, with finance values rising nearly 3% year on year. This marks a positive step after a softening trend that had been evident since mid-2024.


Other discretionary categories remained more subdued. Art saw a decline of close to 8%, while music was broadly flat. This suggests that while sentiment around non-essential purchases may be improving, households are still exercising restraint in some areas.


Retailer network continues to expand

V12's retailer network continued to grow during the quarter. The most significant milestone was the launch of V12's partnership with Magnet, which went live across all 150 Magnet stores in July and made a strong early contribution to the growth in home improvement finance. The sector also benefited from continued growth among retailers introduced through broker partners.


"What has been particularly encouraging this quarter is how broad the growth has been," added Andrew Phillips.

"We have seen strength in our largest categories, in healthcare and in practical purchases, and early signs of recovery in jewellery. Combined with the momentum in home improvements and new partnerships such as Magnet, that gives us a solid platform as we move into the busiest trading period of the year."

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Oct 28, 2023
5 min read

The British love affair with Indian food is a culinary romance that has endured for centuries. From the fragrant spices of a bustling curry house on Brick Lane to the cosy comfort of homemade chicken tikka masala, Indian cuisine has become an integral part of British culinary culture. This enduring fascination with the flavours of the Indian subcontinent has not only reshaped the British palate but also fostered a unique blend of tradition and innovation.


The history of British-Indian culinary connections dates back to the days of the British Empire when the British Raj brought Indian flavours to the heart of the United Kingdom. The early 19th century saw the first Indian restaurants spring up in London, introducing Britons to dishes like curry and chutney. As the Empire expanded, so did the British appetite for Indian cuisine, laying the foundation for the lasting connection.


One of the reasons behind the enduring love of Indian food in Britain is the sheer variety of dishes it offers. From creamy kormas to fiery vindaloos, tangy chutneys to crispy pakoras, Indian cuisine presents a smorgasbord of flavours and textures. This diversity means there is something to suit every taste, from the spice enthusiasts to those who prefer milder, creamy dishes.


The British love for Indian food is not confined to restaurants. It has seeped into everyday life, influencing the way Britons cook at home. Fusion dishes like the infamous "chicken tikka masala" were born in Britain, highlighting the unique way Indian and British culinary traditions have merged. Indian flavours can be found in pies, sandwiches, and even crisps, reflecting the adaptability and influence of Indian cuisine.

When it comes to Indian cuisine, certain dishes have risen to iconic status in Britain. These dishes have become household names and are often the first choices on restaurant menus and takeaway orders. The beloved Chicken Tikka Masala, a creamy tomato-based curry with succulent marinated chicken, is a quintessential British-Indian creation that exemplifies the fusion of flavours.


Likewise, the spicy and aromatic Chicken Korma, the fiery Chicken Vindaloo, and the delectable Lamb Rogan Josh are celebrated for their rich and diverse flavours.


Vegetarian options like Paneer Tikka and Vegetable Biryani have also found a devoted following among those seeking a meat-free Indian feast. To satisfy the craving for bread, Naan and Garlic Naan are the go-to choices, often used to scoop up every last bit of sauce from these beloved dishes. These classics have left an indelible mark on British palates and continue to be cherished staples of Indian cuisine in the UK.


Indian cuisine is renowned for its bold and complex flavours, and at the heart of this culinary artistry are an array of aromatic spices. Some of the most commonly used spices in Indian cooking include:

  • Cumin: Cumin seeds and ground cumin add a warm, earthy flavour to many Indian dishes. They are often used in tempering oil at the start of cooking to release their nutty aroma.

  • Coriander: Ground coriander and fresh coriander leaves are ubiquitous in Indian recipes. They provide a citrusy, slightly sweet, and herbal undertone to curries and chutneys.

  • Turmeric: Known for its vivid yellow colour, turmeric is a key ingredient in curry powders and adds an earthy, slightly bitter flavour. It's also celebrated for its health benefits.

  • Cardamom: Both green and black cardamom pods are used in Indian cuisine. They impart a fragrant, sweet, and slightly spicy flavour, often found in biryanis and desserts.

  • Cinnamon: Cinnamon sticks and ground cinnamon add warmth and a sweet-spicy note to many Indian dishes, particularly in rice dishes and sweets.

  • Cloves: Cloves are known for their intense, pungent flavour and are often used to infuse rich gravies and marinades.

  • Chili Peppers: The heat in Indian cuisine is largely attributed to a variety of chili peppers, such as dried red chilies, green chilies, and chili powder, which range from mildly warm to fiery hot.

  • Mustard Seeds: Used for tempering in many South Indian dishes, mustard seeds provide a nutty and slightly bitter flavour that's essential in curries and pickles.

  • Fenugreek: Fenugreek leaves and seeds add a distinctive bitter-sweet taste to dishes, and fenugreek seeds are commonly found in spice blends and pickles.

The art of Indian cooking lies in the skilful blending and tempering of these spices to create a harmonious symphony of flavours, ensuring that every bite is a sensory delight.


Indian restaurants and takeaways have become cornerstones of local communities in the UK. These establishments often serve as cultural hubs, bringing together people from diverse backgrounds and providing a sense of belonging. British-Indian chefs and restaurant owners have played a crucial role in preserving and spreading authentic Indian culinary traditions.


Cities like London, Birmingham, and Manchester boast bustling 'curry miles' where rows of Indian and South Asian restaurants line the streets. These hubs not only offer incredible food but also an immersive cultural experience. The lively atmosphere and rich aromas that fill these neighbourhoods are a testament to the fusion of two worlds.


Several renowned Indian chefs have made a significant impact on the culinary scene in the UK, including:

  • Atul Kochhar: A prominent figure in the world of Indian cuisine, Atul Kochhar became the first Indian chef to receive a Michelin star. He's known for his innovative take on traditional Indian flavours and has several acclaimed restaurants in the UK.

  • Vineet Bhatia: Another Michelin-starred chef, Vineet Bhatia is celebrated for his modern interpretation of Indian cuisine. His restaurant, Rasoi, in London, has earned critical acclaim.

  • Cyrus Todiwala: Known for his distinctive fusion of Indian and British ingredients and techniques, Cyrus Todiwala is a popular chef with a strong presence in the UK. His Cafe Spice Namaste restaurant in London is well-regarded.

  • Alfred Prasad: Formerly of the Michelin-starred Tamarind in London, Alfred Prasad is a highly respected chef in the Indian culinary world. He's known for his expertise in traditional Indian cooking techniques.

  • Asma Khan: Asma Khan gained fame for her appearance on the Netflix series "Chef's Table." She runs the acclaimed Darjeeling Express restaurant in London, offering a taste of authentic Indian home cooking.

  • Aktar Islam: Aktar Islam, a talented chef and restaurateur, has brought his innovative approach to Indian cuisine to Birmingham. His restaurant, Opheem, has garnered praise for its modern take on Indian flavors.

These chefs have not only elevated the perception of Indian cuisine in the UK but have also contributed to the fusion of traditional and contemporary flavours, making them significant figures in the culinary world.


While honouring traditional recipes and techniques, Indian cuisine in Britain has also evolved with the times. Chefs and home cooks alike experiment with ingredients and presentations, contributing to the growth and diversification of Indian food in the UK. The result is a vibrant, ever-evolving culinary landscape.


The British love affair with Indian food is a testament to the power of culinary cross-pollination and the enduring appeal of flavours that have transcended borders. It's a celebration of diversity, community, and adaptation, encapsulated in each mouth-watering bite of a classic curry or innovative fusion dish and as a cuisine shows no sign of losing its broad appeal any time soon.

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