The Bank added: "The dramatic collapse in the Irish property market means all of these factors have been reversed, moving the household sector from one of net equity withdrawal
to net equity injection.
She added: "Looking ahead, the combination of tight credit constraints, falling house prices and weak consumer confidence is likely to keep equity withdrawal
falling for some time yet.
Separate BoE data showed that, overall, homeowners continued to inject money into their properties, which they have done since the start of the financial crisis, reversing the trend of home equity withdrawal
to fund other spending that had dominated the previous decade.
It said: "The fall in housing equity withdrawal
since the financial crisis is likely to reflect a fall in the number of housing transactions, with little sign that households in aggregate are making an active effort to pay down debt more quickly than in the past.
A sluggish housing market, low returns on savings and economic uncertainty have put people off taking their cash out of their homes, leading to housing equity withdrawal
being negative in every quarter since the spring of 2008 - the highest negative figure since 1979 according to Bank of England data.
THE following events are scheduled to take place this week: Today Housing equity withdrawal
figures Tuesday Trading updates: Interserve, N Brown, Persimmon Chancellor George Osborne gives evidence to the Commons Treasury Committee Wednesday Trading updates: Balfour Beatty, Booker Thursday Finals: Begbies Traynor Trading updates: Dunelm, WH Smith Bank of England decision on interest rates Friday Trading update: SIG
enables homeowners to cash in on rising house prices by increasing their mortgages to convert some of the rise in the value of their home into cash.
To that effect, first-quarter Housing Equity Withdrawal
figures may a muted impact as the metric falls to a record-low -9.
It is only the third time that housing equity withdrawal
has been negative since 1998, with the rate at which people are repaying their mortgage accelerating from the third quarter, when net repayments of pounds 5.
But the sums are still large enough to have had an impact on consumer spending - just as they had boosted it in the years of equity withdrawal
In 2001-03, mortgage refinancing and mortgage equity withdrawal
was an important "automatic stabilizer" for the economy.
Topics cover problems faced by first-time home buyers, affordability, mortgage equity withdrawal
, and educational and quality of life advantages, with countries explored including Denmark, Germany, Finland, the UK, and the US.