Housing equity withdrawal was the weakest since 2001 in the first quarter of this year, according to data that suggest falling house prices and tough credit conditions have deterred people from borrowing against the value of their homes.

The Bank of England said on Wednesday that housing equity withdrawal was £5bn ($10bn) in the first three months of 2008, the lowest in seven years, and £2.3bn below a revised estimate of £7.4bn for the previous quarter.