[JohnW]

The bubble will burst I'm afraid. Lot's of people are taking the equity out of their houses because the market has been so inflated. However, at the end of the day, it is wage levels which drive house prices and wage levels will not support this over-inflation. House prices will drop again eventually and many people will be left in negative equity for many years to come. What happens then is that no-one can afford to move and the housing market becomes even more flat. It's a vicious circle.
Moral: Leave the equity in your house unless you are absolutely desperate and then, only borrow the minimum amount you need.