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The latest statistics from the Bank of England mean that for the year to the end of March a total of £23 billion was repaid to lenders.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that the results were unsurprising given the decline in house prices during the first three months of the year.
"There have been some tentative signs of a stabilisation in the property market," he said, but noted that it is unlikely that housing capital will become a viable source of wealth in the short term.
Mr Rubinsohn also said that consumer spending is likely to remain "relatively" subdued for the remainder of 2009.
Last month property developer Taylor Wimpey noted that stability in the UK housing market improved during the first half of the year, which helped the company to improve its financial position.
