New van registrations fell by 18.8% during April, as buyers backed away from new vans after a record period of registrations in 2016.

The latest figures from the Society of Motor Manufacturers and Traders (SMMT) show that 22,625 new vans were registered in April 2017, 18.8% fewer than in April 2016. In reality, it always seemed likely to me that the registrations levels would cool this year after record levels of buying in 2016, and that’s what we’re now seeing:

New van registrations April 2017 (souce: SMMT)

Mike Hawes, SMMT chief executive, seems to agree with this view, emphasising that new registrations are still at historically high levels:

“April is traditionally a small month for new LCV registrations following the plate-change in March and, coming on the back of double-digit growth that resulted in a record April in 2016, this month’s decline comes as no surprise. Overall, the market remains robust, however, and so long as business confidence among operators can be maintained, we expect to see the market remain at what is a historically high level over the course of the year.”

Falls in April were concentrated in the sub-2.0t van segment (-37.5%) and the high-volume large van segment (-23.1%). There was little change at the top of the best seller lists, however, with Ford continuing to reign supreme in the UK van market:

LCV top sellers April 2017 (source: SMMT)

As we head into summer, Brexit and the general election have the potential to disrupt markets. But in reality I think the picture is still fairly healthy.

New registrations have risen massively over the last three years, but trees don’t grow to the sky. A period of consolidation and a return to historic average levels seems likely to me. I’d expect a further decline as the year continues, but I don’t think there’s any reason to panic.