The figures from the Society of Motor Manufacturers and Traders (SMMT) also show that the UK new car market saw its 16th successive monthly rise in June, growing 13.4% to 214,957 units.

Fleet registrations last month rose 6.1% from 101,674 to 107,883 units, representing a 5.02% market share, while private registrations were up 21.3% from 79,900 to 96,931 units, giving a 45.1% market share.

However, the largest percentage increase was seen in the sub-25 business sector, with growth of 27.7% last month from 7,940 units to 10,143 – a 4.7% share of the market.

Looking at the year to date, the business sector has also seen robust growth, up 14.3% from 44,234 to 50,564 units while fleet registrations were up 3.4% from 537,173 to 555,561 units. But it was the retail market that saw the largest percentage growth for the first six months of 2013, with a 17.1% rise from 476,273 to 557,498 units.

The SMMT highlighted that the UK continues to buck new car market trends in some EU27 countries, with buyers returning to the market after a sustained hold-off from purchasing new vehicles, enticing finance deals and desire to switch to more fuel-efficient models driving market growth.

Mike Baunton, SMMT interim chief executive, said: ‘Boosted by consistently strong private demand and further growth in June, half-year new car registrations have topped the one million mark. June secured the 16th month of consecutive growth, a clear indicator that manufacturers and dealers are delivering desirable new products with tangible cost savings from the latest fuel-efficient technology coupled to a wide variety of competitive finance offers. While there are still potential challenges ahead, recent robust growth suggests that the market is on course to perform well ahead of 2012 levels.’

Commenting on the figures, Dr Christian Stadler, Warwick Business School associate professor of strategic management, said: 'During the financial crisis many people were put off buying a new car, but with growing consumer confidence in the UK they are now going ahead with these purchases. Also, when sales of new cars dropped dramatically during the crisis it means there are now less used cars available. As there are less used cars those which are in the market are sold for a higher price. If a used car is expensive many people think they might as well buy a new car.

'The rise in UK new car sales shows a growing consumer confidence in the UK reflecting a better job market and a more stable housing market.'

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