From The BBC:
Homeowners repaid a record amount of their mortgages in the first three months of 2009, figures have shown.An estimated £8.1bn was repaid, according to Bank of England statistics, taking the total to £76bn for the year to the end of March. From early last year, falling house prices and strict mortgage rationing halted top-up borrowing on mortgages. Prior to that, home owners had borrowed more than £300bn extra against the rising value of their homes since 2000. “This is not a surprise given the fall in house prices over the period, and will have contributed in no small way to the weakness in High Street spending,” said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics). “It is improbable that housing capital, in the near term, will be viewed as a source of wealth that can be drawn down by home owners to supplement their income,” he added. ‘Batten down’The Bank of England explained that the switch from mortgage equity withdrawal, to…
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