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Channels from Housing Wealth to Consumption

This paper uses micro-data from two national panel surveys to analyze the flow of wealth from residential property onto households' balance sheets, where it is available for discretionary spending. The examples are Australia and the UK-two of the world's most entrenched nations of owner oc...

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Published in:	Housing studies 2013-10, Vol.28 (7), p.1012-1036
Main Authors:	Ong, Rachel, Parkinson, Sharon, Searle, Beverley A., Smith, Susan J., Wood, Gavin A.
Format:	Article
Language:	English
Subjects:	Age Australia Borrowing Consumption Equity equity borrowing Expenditure Home equity loans Home ownership Households Housing Housing equity withdrawal Income Life course Mortgage markets Mortgages panel survey data Real estate Trading United Kingdom Wealth
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container_end_page	1036
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creator	Ong, Rachel Parkinson, Sharon Searle, Beverley A. Smith, Susan J. Wood, Gavin A.
description	This paper uses micro-data from two national panel surveys to analyze the flow of wealth from residential property onto households' balance sheets, where it is available for discretionary spending. The examples are Australia and the UK-two of the world's most entrenched nations of owner occupation, both with relatively complete mortgage markets. We focus on the early 2000s, which set the scene for an unprecedented wave of housing equity withdrawal. We consider equity released through sales and through additional borrowing. The findings show that equity extraction overall is not only (or even) a function of higher incomes, greater wealth, and older age; rather it occurs across the life course and is linked to pressing spending needs. We draw attention in particular to the growing social and economic significance of in situ equity borrowing-a practice whose financial buffering effects may form a short-lived prelude, rather than a sustainable alternative, to trading on or selling up.
doi_str_mv	10.1080/02673037.2013.783202
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source	EconLit s plnými texty; EBSCOhost Business Source Ultimate; Applied Social Sciences Index & Abstracts (ASSIA); International Bibliography of the Social Sciences (IBSS); Taylor & Francis
subjects	Age Australia Borrowing Consumption Equity equity borrowing Expenditure Home equity loans Home ownership Households Housing Housing equity withdrawal Income Life course Mortgage markets Mortgages panel survey data Real estate Trading United Kingdom Wealth
title	Channels from Housing Wealth to Consumption
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