HML released figures at the weekend which show that the number of households in the UK with negative equity (i.e., the value of mortgage is greater than value of house) is 463,415 - about 8% of mortgages (BBC coverage here). This figure has almost halved since 2011, largely due to the increase in property prices across the UK. However, the picture looks bleak for Northern Ireland, which had the largest property market crash in the UK. 68,000 households are in negative equity - or 41% of mortgages. These figures reveal how vulnerable the economic recovery is to a further correction in the housing market.