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UK homeowners look to pay down mortgages

The UK property market saw a record £8.1 billion injected into homes up and down the UK as homeowners looked to reduce their mortgages as quickly as possible in the first quarter of 2009. When you consider that in the same quarter of 2008 homeowners decided to withdraw a net £6.7 billion from their homes, to fund DIY spending and other expenses, the turnaround is significant and very interesting.

Whether pressure from UK mortgage providers has seen this record net repayment mortgage debt in the first quarter of 2009 remains to be seen, but the UK recession seems to have had impact on the property market in more ways than one. When you now consider that many people in the UK are slipping into negative equity it is perhaps a little more understandable as to how these figures have turned around so quickly. UK mortgage debt is still running at record levels and more and more people are falling further and further behind with their payments.

The ongoing UK recession has prompted a number of very interesting and significant swings in the UK property market which have never been seen before. This substantial swing from a £6.7 billion equity release in 2008 to £8.1 billion equity injection in 2009 shows how the situation has changed.

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