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UK mortgagees pay down debt for 6th quarter

UK mortgagees pay down debt for 6th quarter

U.K. homeowners paid off 4.9 billion pounds ($7.85 billion) in mortgage debt in the third quarter, the Bank of England said Tuesday, marking the sixth consecutive quarter in which consumers reined in spending to bolster their personal finances.
The third-quarter figure was 2 billion pounds less than in the second quarter. U.K. householders have now injected 33.9 billion pounds of housing equity since the second quarter of last year.
The equity injection peaked at 7.6 billion pounds in the fourth quarter of 2008.
Through the first quarter of last year, householders had increased borrowing against their properties for 39 consecutive quarters.
"Housing equity withdrawal has been used significantly to support consumer spending in recent years," said Howard Archer, chief European economist for IHS Global Insight.
"Consequently, the sharp turnaround from substantial withdrawals up to and including the first quarter of 2008 to a net injection of equity over the past six quarters has added to the constraints on consumer spending."
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http://www.bankofengland.co.uk/


Updated : 2021-03-01 16:16 GMT+08:00