April 1, 2009 / 8:58 AM / 11 years ago

Record £8 billion put into housing equity

A man walks past a house for sale in Coalville, central England in this file photo from February 17, 2009. REUTERS/Darren Staples

LONDON (Reuters) - Homeowners injected a record net 8.018 billion pounds into housing equity in the last three months of 2008, continuing the sharp reversal of the past decade’s trend of home equity withdrawal to fund consumption, Bank of England data showed on Wednesday.

The 8.018 billion pounds of housing equity injected is the highest since Bank of England records began in 1970, and exceeds the 5.887 billion injected in the third quarter.

Rising house prices in recent years encouraged Britons to refinance home loans to free up cash for other purposes, but housing equity withdrawal turned negative in the second quarter of 2008 for the first time in a decade as housing market suffered a downturn.

Reporting by David Milliken

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