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Homeowners paying down equity in property

Bank of England data has revealed a decline in homeowners withdrawing equity from their homes to fund improvements or other spending.

The Bank’s latest statistics reveal that homeowners paid off £5.7bn during the third quarter of the year, following the £2bn that was paid off during the second quarter of the year.

This compares with equity withdrawals by homeowners of £5.6bn during the first quarter of 2008 and £11.1bn during the third quarter of 2007.

Fears over negative equity, the recession and the threat of unemployment may be contributing to the trend.

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