UK Q1 Housing Equity Withdrawal At Minus GBP8.1 Bln

(RTTNews) - Friday, data released by the Bank of England showed that the housing equity withdrawal was minus GBP8.1 billion in the first quarter of 2009.

“The negative figure implies that individuals injected a net total of GBP8.1 billion into housing equity in the first quarter,” the central bank said in a statement.

Economists were looking for a figure of minus GBP9 billion.

The fourth quarter figure was revised to a minus GBP7.8 billion from a minus GBP8 billion initially estimated.

Housing equity withdrawal is new borrowing secured on dwellings that is not invested in the housing market, for example not used for house purchase or home improvements. Hence, it represents additional funds available for reinvestment or to finance consumption spending.

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