Homeowners Pay Down Housing Debt

(Reuters) – BRITONS PUT ALMOST SEVEN BILLION POUNDS of equity into their homes in the second three months of the year as record low interest rates and uncertain job prospects encouraged homeowners to pay down debt.

Bank of England figures on Friday show Britons have injected equity into their homes for the past five quarters, reversing the trend of home equity withdrawal to fund other spending that has dominated the past decade.

The £6.996 billion equity injection in the second quarter was slightly less than the record £7.346 billion injected in the first quarter and equates to 2.9% of post-tax income.

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