Equity staying in property

For the second successive quarter, UK homeowners are no longer cashing in on the equity in their homes. Bank of England figures show that householders put £5.7 billion of equity back into their homes rather than using the money for other major purchases or larger mortgages. This is an increase from the £2 billion they put back in the second quarter, and is in stark contrast to the £5.6 billion of housing equity withdrawal in the first three months of the year, and the £11.1 billion withdrawn from July to September 2007. Analysts believe that for most people equity withdrawal was no longer an option due to the rapid decline in house prices.