Mortgage debt down £8bn
The figures show households are putting more money into the housing market, through deposits or mortgage repayments for example, than they are taking out, with a cumulative £122bn injected since the summer of 2008.
However, the Bank said there was “little sign” that households are trying to pay down debt more quickly, and a lack of activity in the housing market and a reduction in remortgaging were underlying the figures.
Several surveys have forecast house sales to remain sluggish this year, with continued uncertainty over the economy and the eurozone.