Housing equity loans tumble in Q1

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Wednesday , July 02, 2008

The amount of money raised through housing equity withdrawal (HEW) fell by more than £2bn, in the first quarter of 2008 according to the Bank of England (BoE).

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The Bank of England (BoE) has estimated that the amount borrowed through HEW during Q1 of 2008 was £5.04bn - £2.3bn lower than its revised estimate of £7.4bn for the forth quarter of 2007.

HEW is money borrowed against a dwelling that is not invested in the housing market. It is usually used for reinvestment elsewhere or to finance consumer spending.

BoE figures show that the amount of money borrowed this way has decline from £13.89bn in Q1 2007.

Overall over £42bn has borrowed through HEW last year.

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