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References in periodicals archive ?
Mortgage equity withdrawal refers to borrowing that is secured on a house but not invested in it, so represents additional funds available for reinvestment or to finance consumption spending.
This is the estimated average elasticity of mortgage equity withdrawal with respect to the net worth ratio.
More recently, Carruth and Henley (1990, 1992), Miles (1992), Holmes (1993) and Patterson (1993) examine the impact of mortgage equity withdrawal on consumption and Westaway (1989) argues for the inclusion o consumer credit in the consumption equation.
Mortgage equity withdrawal as a portion of net income rose to 6.
6bn in the fourth quarter of the year through mortgage equity withdrawal.
Verdict cited evidence that there were 45% fewer houses sold in the first quarter of 2005 than a year earlier, while there has also been a slump in mortgage equity withdrawal.
Howard Archer, chief UK and European economist at Global Insight, said: "The significant overall pick-up in mortgage equity withdrawal in the first three quarters of this year reflects increased confidence in the housing market, the overall marked firming in house prices between mid 2005 and mid- 2006, and relatively low interest rates.
There must also be concern that the jump in house prices seen in the last six months will reinvigorate consumer demand, via renewed mortgage equity withdrawal.
Mortgage equity withdrawal reached a record high at the end of last year.
A significant proportion of mortgage equity withdrawal may be due to older people whose children have left home trading down and using the proceeds to supplement their pensions.
Mortgage equity withdrawal has boosted household consumption in recent years, but rising interest rates are reducing homeowners' appetite to spend their bricks and mortar in the high street.
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