January Car Sales Gained 3% in U.K.

Registrations of the new passenger vehicles in the U.K. rose 3% to a 12-year high of 174,600 units in January, the Society of Motor Manufacturers and Traders reports.

The trade group expects “some cooling” in demand over the next several months. But sales so far have not experience the slump many analysts predicted after the U.K.’s vote last summer to exit the European Union.

January results were driven by a 5% increase in sales to individual owners, marking the first year-on-year improvement in that segment since March. Sales to business fleets improved 1%.

SMMT notes that sales of alternate-fuel vehicles surged 20% to 7,300 units, capturing a record 4% market share. Diesel registrations fell 4% to 78,800 vehicles, and demand for gasoline vehicles climbed 9% to 88,500 units.