New car registrations in the UK declined by 1.5 per cent year-over-year in November to 169,059 units, according to the Society of Motor Manufacturers and Traders today.

Despite the disappointing figures, the Society insisted that it has been right to predict that 2003 will be a record year for the market in Great Britain.

A note of pessimism was present, though, with the warning that expected interest rate rises in 2004 and 2005 would have a detrimental impact on sales.

The SMMT said shipments for 2003 were up 0.2 per cent on the same period last year at 2,423,598, and reiterated its belief that sales will hit a record 2.565 million before the end of December, an improvement on the 2.563 million recorded in 2002.

SMMT chief executive Christopher Macgowan acknowledged a recent slowdown, but was upbeat about the market's performance for most of the year.

'At the beginning of 2003, the industry expected new car registrations to cool, forecasting a six per cent dip on 2002's total,' he told Automotive News Europe.

'However, a truly amazing market throughout the year has exceeded all expectations. The year is now firmly on course towards its third successive record total.'

According to the SMMT, 141,400 sales are needed this month for its full-year forecast to be reached. That total is 2.2 per cent lower than that achieved in December last year.