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Housing equity withdrawal since the financial crisis

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The amount of housing equity withdrawal (HEW) has swung from being significantly positive before the financial crisis and recession, to negative over the past few years. The net effect of a chain of housing transactions is typically a large equity withdrawal. The fall in the number of housing transactions is therefore likely to have been a key driver of the fall in equity withdrawal since the financial crisis. There is little sign that, at the aggregate level, households are making an active effort to pay down debt more quickly than in the past.

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  • Reinold, Kate, 2011. "Housing equity withdrawal since the financial crisis," Bank of England Quarterly Bulletin, Bank of England, vol. 51(2), pages 127-133.
  • Handle: RePEc:boe:qbullt:0051
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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2011/housing-equity-withdrawal-since-the-financial-crisis.pdf?la=en&hash=F668BF7D86B154EECB5D04C96A91031ADEA9DB86
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    1. Nielsen, Mette & Pezzini, Silvia & Reinold, Kate & Williams, Richard, 2010. "The financial position of British households: evidence from the 2010 NMG Consulting survey," Bank of England Quarterly Bulletin, Bank of England, vol. 50(4), pages 333-345.
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    Cited by:

    1. Ebner, André, 2013. "A micro view on home equity withdrawal and its determinants: Evidence from Dutch households," Journal of Housing Economics, Elsevier, vol. 22(4), pages 321-337.
    2. Chatziantoniou, Ioannis & Filis, George & Floros, Christos, 2017. "Asset prices regime-switching and the role of inflation targeting monetary policy," Global Finance Journal, Elsevier, vol. 32(C), pages 97-112.
    3. Antonakakis, Nikolaos & Chatziantoniou, Ioannis & Floros, Christos, 2015. "Dynamic Connectedness of UK Regional Property Prices," MPRA Paper 68421, University Library of Munich, Germany.
    4. Voigtländer, Michael, 2012. "The Stability of the German Housing Market," MPRA Paper 43315, University Library of Munich, Germany.
    5. Berry, Stuart & Corder, Matthew & Williams, Richard, 2012. "What might be driving the need to rebalance in the United Kingdom?," Bank of England Quarterly Bulletin, Bank of England, vol. 52(1), pages 20-30.
    6. Eleonora Fichera & John Gathergood, 2016. "Do Wealth Shocks Affect Health? New Evidence from the Housing Boom," Health Economics, John Wiley & Sons, Ltd., vol. 25, pages 57-69, November.
    7. David F Hendry & John N J Muellbauer, 2018. "The future of macroeconomics: macro theory and models at the Bank of England," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 287-328.
    8. John Gathergood & Eleonora Fichera, "undated". "House Prices, Home Equity and Health," Discussion Papers 12/07, University of Nottingham, School of Economics.
    9. Eric Tymoigne, 2014. "Measuring macroprudential risk through financial fragility: a Minskian approach," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(4), pages 719-744.
    10. Lydon, Reamonn & O'Leary, Brídín, 2013. "Housing Equity Withdrawal Trends in Ireland," Quarterly Bulletin Articles, Central Bank of Ireland, pages 90-103, January.
    11. Kamath, Kishore & Reinold, Kate & Nielsen, Mette & Radia, Amar, 2011. "The financial position of British households: evidence from the 2011 NMG Consulting survey," Bank of England Quarterly Bulletin, Bank of England, vol. 51(4), pages 305-318.
    12. Clavero, Borja, 2017. "A contribution to the Quantity Theory of Disaggregated Credit," MPRA Paper 76657, University Library of Munich, Germany.

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