Britons less keen to pay down debt with savings

[LONDON] Britons were less inclined to use savings to pay down mortgage debt in the third quarter, data showed on Monday, adding to signs of improving consumer confidence as house prices rise and the job market recovers.

Homeowners put £10.4 billion (S$21.75 billion) of equity into their homes in the quarter, the Bank of England figures showed - more than £2 billion less than in the previous quarter and the lowest since the fourth quarter of 2009.

Britons have paid down their mortgages on a net basis for the past four years, reversing the trend towards higher debt levels that dominated from late 1999 until the financial crisis.