UK negative equity declines:

The number of British homes affected by negative equity has fallen below half a million for the first time since 1990. It is yet another indication that the British housing market is enjoying a sustained recovery, according to a leading building society.

The number of households with negative equity - where the mortgage on the house is greater than the property's market value now stands at 475,000. This is a fall of 65,000 in three months, the survey found.