BoE reveals housing equity injection slows

| July 4, 2011 | 0 Comments

According to figures from the Bank of England, Britons increased their financial stake in their homes by £5.8 billion in the first quarter of 2011 – the smallest injection in a year.

The figure was much lower than the £7.1 billion in the October to December period in 2010 – which represented the highest since records began in 1970.

The figures suggest the fall in equity injection reflects the weak activity in the housing market.

David Birne, an insolvency practitioner at HW Fisher and Company chartered accountants, comments: “With interest rates at their current negligible level and inflation so high, borrowers know that they are better off paying down their mortgages with any extra cash than putting money into a savings account.”

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