British homeowners reduce their debt
Posted on: Wednesday, 1 April 2009, 13:33 CDT
The Bank of England said British homeowners paid off a record amount on their home mortgage debts in 2008, lowering the debt by $11.5 billion.
In past years, as homes rose in value, home owners were busy borrowing against their rising equity, The Times of London reported Wednesday.
Borrowing peaked in the final quarter of 2007 with equity loans reaching $21 billion, The Times said.
But, while home values fell, British homeowners paid off debt and almost tripled their cash value of their savings from $5.9 billion in the third quarter of 2008 to $16.9 billion by the end of the year.
The new data reinforce the belief that we are in for an extended period of marked consumer retrenchment,
said Howard Archer, chief economist at IHS Global Insight.
Source: United Press International
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