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Telegraph: Paying Off Mortgages Is A Priority

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Paying off mortgages is a priority

Homeowners paid down their mortgages by an extra £6.2bn in the three months to June, proving that Britain's new-found financial prudence shows no signs of waning.

Households have been making great efforts to reduce their debts since the crisis struck, injecting a total of £44.2bn into their mortgages over and above their repayment schedules since March 2008, according to the Bank of England.

For the 10 years before the crisis, homeowners had consistently cashed in on the equity stored in their homes.

At its peak, in the final quarter of 2003, equity withdrawal reached £17.1bn. In 2006, the last year before the financial crisis, total equity withdrawal was £50bn.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "Homeowners no longer view their property as a cheap source of finance to boost their spending power." The UK's outstanding mortgage debt totals £1.24 trillion.

Is MEW finally dead?

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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