According to the latest quarterly housing equity withdrawal data published by the Bank of England, households have not been borrowing more against their properties but looking to reduce their mortgages.
The data showed that, for the 22nd consecutive quarter - coinciding with the outbreak of the 2008 credit crisis - UK homeowners have been seeking to reduce their liabilities.
The quarterly drop in total sterling housing equity withdrawal by individuals reached £10,403m - £10.4bn to the end of December 2013. This compares with a £11.69bn drop in December 2008 as people poured money into reducing debt.
In December 2007, £4bn worth of borrowing was taken out by homeowners against their mortgage, the BoE figures showed.