UK Money News
28th December 2007
Equity release up for Q3
The third quarter (Q3) of 2007 saw more money withdrawn from UK properties than the previous three-month period, it has emerged.
According to data from the Bank of England, housing equity withdrawal reached £10.5 billion in Q3, up from £10.1 billion.
However, Global Insight's Howard Archer maintained that although Q3 experienced a rise, the figure is the second-lowest in two years.
He attributed this to concerns about future house prices and increased mortgage rates, although many people choose to release equity on their property to fund retirement or relase needed cash.
Meanwhile, figures from the British Bankers' Association revealed yesterday that mortgage activity for November 2007 was "noticeably lower" than the comparable period last year.
Statistics director David Dooks said lending had started to slow down and the market would continue to decrease pace in the next few months.
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