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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.


Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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