Wednesday, November 30, 2011
Home owners paid back Â£9.15bn more than they took out from their mortgage in the three months to the end of June, the figures showed. This was the most consumers have ever paid back in a three-month period since at least 1970, when the Bank of England started collecting data. Until the financial crisis families have regularly remortgaged their homes and used the money to fund holidays, new cars, school fees or other big purchases. Housing equity withdrawal, as it is technically called, is one of the most important drivers of the economy because the money unlocked from property then ends up boosting consumer spending.