Britons put record £7bn into housing equity

City A.M. Reporter
Britons put a record £7bn 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 has shown.

Between October and December Britons invested the equivalent of 2.7 per cent of post-tax income, and the highest figure in absolute terms since records began in 1970.

This compares with £6.58bn in the third quarter and £6.272bn 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.