According to the figures published last week by the Bank of England, UK residents have been successful in steering clear of debt by paying back more installments for their mortgages.

In the second quater of 2009, an average of £7 billion was injected into UK property equity, reports the Bank of England.

The figure is impressive because borrowing against the value of property, or the withdrawal of housing equity, in the same period was -£7 billion.

The figures compare to £7.3 billion of net injections into property equity in first quater of 2009.

The Bank of England report also stated that Q2 of 2009 was the 5th quarter in a row, when UK borrowers paid down more mortgage debt than they borrowed.

The information provided by IHS Global Insight suggests that net total of injections into housing equity made by UK residents since the 2nd quarter of 2008 stands at £28.9 billion.

One of UK's leading economists commented on the report saying that said that the decreased level of borrowing against house value might well be explained by "significantly reduced house prices, which make housing equity withdrawal unwise, as well as by strict lending conditions, which make the borrowing process complicated."

Moreover, he insists that a majority of borrowers in UK chose to use their spare funds to pay off mortgage debt. This means they preferred paying off the debts than put the money in savings accounts which have lost their attraction lately.