Bank of England figures show that in the third quarter of last year, mortgage equity withdrawal was £8.276 billion, down from £10 billion in the second quarter of last year.
Equity release allows homeowners to increase their mortgage in return for a cash lump sum if the home is worth more than the original sum borrowed.
UK homeowners have borrowed £207 billion in equity withdrawal since the start of 2000 and withdrawal peaked in the final three months of 2003, but has been falling steadily since the start of 2004 apart from a rise in the second quarter of last year as consumers reign in their desire to spend.
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