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Britons inject £6 billion in housing equity in Q3

A man walks past houses in Hastings, England December 27, 2010. REUTERS/Luke MacGregor

LONDON (Reuters) - Britons put just over 6 billion pounds of equity into their homes in the third quarter of the year as record low interest rates encouraged homeowners to pay down debt.

Bank of England figures on Wednesday show Britons injected 6.054 billion pounds of housing equity between July and September, the equivalent of 2.4 percent of post-tax income.

That compares with an injection of around 5.8 billion pounds in the second quarter and 5.3 billion pounds in the first.

Britons have injected equity into their homes for the past two years, reversing the trend of home equity withdrawal to fund other spending that has dominated the past decade.

Reporting by Christina Fincher, editing by Olesya Dmitracova

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