UK Money News
2nd July 2008
Brits shunning equity release loans
The number of Britons opting to release equity from their home has slumped dramatically over the first quarter.
According to figures from the Bank of England, some £5 billion was borrowed in this way during the period to the end of March.
This represents the lowest sum taken out in equity plans since the second quarter of 2001.
By way of comparison, during the final quarter of last year, £7.4 billion was released in the form of equity loans.
Howard Archer, chief economist at Global Insight, said: "Sharply reduced housing equity withdrawal will add to the mounting pressure on consumer spending already coming from modest disposable income growth, rising utility bills, elevated food prices, tighter lending conditions, higher mortgage rates, increased debt levels, tighter and, now, rising unemployment.
"This reinforces belief that we are in for an extended period of consumer retrenchment."
During the first quarter of 2007, £13.9 billion was released through equity plans – the highest amount since records began.
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