LONDON, Nov 30 (Reuters) - Britons injected a record 9.146 billion pounds of equity into their homes between April and June, Bank of England data showed on Wednesday, highlighting the weak state of the housing market. That was an increase from an upwardly revised 8.9 billion pound injection in Q1, and the highest since records began in 1970. The Q2 equity injection was equivalent to 3.5 percent of post-tax income.
The BoE said the figures reflected continuing weakness in the net flow of lending secured on dwellings — mortgage lending — which remained weaker than investment in housing.
Britons have injected equity into their homes since the start of the financial crisis, reversing the trend of home equity withdrawal to fund other spending that had dominated the previous decade.
The BoE said that the trend had not been associated with an increase in repayments of secured debt, but was an indication of both lower housing market activity and a reduction in remortgaging.