Dematerialising money? Observations on the flow of wealth from housing to other things

Publication type

Journal Article

Authors

Publication date

June 1, 2008

Abstract:

This paper examines the extent and relevance of mortgage equity withdrawal (MEW) in the UK. MEW has, of late, been of most interest as a mechanism transmitting the wealth effects of housing into whole economies. Its implications for housing and social policy are less well documented. To redress the balance, the paper first offers a critique of data resources, before drawing from five substantial surveys to document the growing significance and changing style of MEW among British home buyers. The analysis focuses particularly on the under-explored question of what secured loans are spent on, identifying a trend away from reinvestment into housing, towards the consumption of other things. The study concludes by arguing that ‘wealth effects’ might usefully be recast as ‘equity leakage’ if the aim is to safeguard the quality of the stock and appreciate the limits to housing wealth as an asset base for welfare.

Published in

Housing Studies

Volume

Volume: 23 (1):21-43

DOI

http://dx.doi.org/10.1080/02673030701731225

Subjects

Notes

Albert Sloman Library Periodicals *restricted to Univ. Essex registered users*

#511029

News

Latest findings, new research

Publications search

Search all research by subject and author

Podcasts

Researchers discuss their findings and what they mean for society

Projects

Background and context, methods and data, aims and outputs

Events

Conferences, seminars and workshops

Survey methodology

Specialist research, practice and study

Taking the long view

ISER's annual report

Themes

Key research themes and areas of interest