Record £7 billion injection in housing equity in Q4

Published 04th Apr 2011

Britons put a record 7 billion pounds of equity into their homes in the fourth quarter of the year as record-low interest rates encouraged homeowners to pay down debt, Bank of England data showed on Monday.

Britons injected 7.020 billion pounds of housing equity between October and December, the equivalent of 2.7 percent of post-tax income, and the highest figure in absolute terms since records began in 1970.

This compares with an injection of 6.588 billion pounds in the third quarter and 6.272 billion pounds in the first.

Britons have injected equity into their homes for the past three years, reversing the trend of home equity withdrawal to fund other spending that has dominated the previous decade.

Source: ' Reuters '

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