MEW

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References in periodicals archive ?
Mr Butler added that consumer credit and mortgage equity withdrawal as a proportion of disposable income is now eight per cent, near the peak of the late 1980s.
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.
Howard Archer, chief UK and European economist at Global Insight, said, 'Higher mortgage equity withdrawal in 2006 will have contributed to the overall stronger consumer spending evident during the year compared to 2005.'
Howard Archer, chief UK and European economist at Global Insight, said: "Higher mortgage equity withdrawal in 2006 will have contributed to the overall stronger consumer spending evident during the year compared to 2005.
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.
Private consumption is projected to slow, along with the easing in house prices since late 2003, which will reduce the scope for mortgage equity withdrawal. Declining house prices and falling housing loan approvals and building permits so far in 2004 suggest that the dwelling investment boom is already cooling off.
Mortgage equity withdrawal amounted to 5.4 per cent of post-tax income in the third quarter, the Bank of England said.
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.
The Bank of England reported yesterday that home-owners unlocked pounds 11.29 billion in "mortgage equity withdrawal" in the second quarter of 2005, 5.2 per cent of the nation's after-tax income, down from pounds 12.87 billion or 5.9 per cent of income in the first three months.
Universal Building Society chief executive Kevin Robinson said: "Mortgage equity withdrawal is borrowing that is secured on a house but not invested in it, so represents additional funds available for investment or to finance spending.
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