Latest Housing Equity Withdrawal Q/q Figures

[rantnrave]

Is the UK MEWing no more?

[aa3]

The MEW money train was one of the main things driving the economy in the naughtis.

[Zzzzzzzzzzzzzzzzzzzzzzzzzz]

Hardly likely when the value of your home is collapsing!

[RichM]

The MEW money train was one of the main things driving the economy in the naughtis.

Absolutely. It was contributing a few percent to GDP if memory serves.

A tipping point for me - really hammered home how unsustainable it all was.

[fellow]

Is the UK MEWing no more?

No, everyone is cash rich these days from the recent recovery.

[19 year mortgage 8itch]

No link?

http://www.bankofengland.co.uk/statistics/hew/current/index.htm

HAving looked at the figures a while ago, at its peak it was adding 1-2% to GDP!

[ken_ichikawa]

Hold on how can it be negative? People paying them back?

[Fairies Wear Boots]

So, people could still actually be mewing, just as long as loads of sensible people have decided that with the extra cash they have from the ultra low base rate, they will pay back extra on their mortgages.

[ccc]

There was a very interesting topic on here years ago about this. I think we looked back through previous stats and came to the conclusion that once HEW was + for more than 12 monthhs - the market was probably on the way up.

Long time ago.

[interestrateripoff]

http://www.telegraph.co.uk/finance/economics/8229465/Homeowners-cut-mortgage-debt-by-the-most-in-over-a-year.html

The figure was the biggest net injection of equity people have made into their homes since the first quarter of 2009.

The £6.1bn figure compares with an injection of around £5.8bn in the second quarter - revised down from £6.2bn - and £5.3bn in the first, according to the Bank of England, and is the equivalent of 2.4pc of homeowners' post-tax income.

A total of £49.7bn has been paid down on home loans since the second quarter of 2008.

Earlier in the decade many people extended their mortgages to finance other spending, such on cars, holidays and extensions.

This trend that came to an abrupt end in 2007 as the global economy was gripped by the worst recession since the Depression era.

No punches pulled with the Telegraph on this one.

Is the figure accurate that nearly £50bn has been paid back?

http://www.integrity-debt-solutions.co.uk/debt-facts-and-figures-compiled-june-2010-total-uk-personal-debt/

Total secured lending on dwellings at the end of April 2010 stood at £1,239bn. The twelve-month growth rate fell to 0.9%.

Is this figure total mortgage debt? If it is £50bn isn't making much of a dent.

[interestrateripoff]

From this thread 2 years ago

[winkie]

MEWing or borrowing the price gain from your property to spend in the economy created many jobs.....mewing is just another loan the money is not free....

Where is the money now going to come from to create new jobs now that the money has run out.

If house prices had not risen so fast we would all have less debt so two wages would not be required to buy houses and many more would be fast on the way to being debt and mortgage free........