Does Rising Mortgage Equity Withdrawal Signal Higher Spending?
UK Weekly Brief › August 06, 2009
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Summary
In addition to MEW that occurs when households make a conscious decision to increase their mortgage debt, MEW can also occur automatically as a result of certain types of housing transaction, such as trading down or selling a house without buying another (e. g. moving to the rented sector or selling an inherited house).
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Extract
Does Rising Mortgage Equity Withdrawal Signal Higher Spending?
Mortgage equity withdrawal (or MEW) is the label used to describe increased borrowing against the value of housing. Statistics released this week by the Bank of England show that total MEW rose strongly in 2005Q4 to £11.8bn (from £8.9bn in Q3) or 5.6% of households' post-tax income, markedly higher than in the same period a year ...
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