Thursday, Nov 23, 2006

Survey says half of mew is ploughed back into home improvements

BBC News: House prices 'fund renovations'

More than half of English homeowners who raise money by borrowing against the value of their houses spend some of it on home improvements, a survey says. The government's Survey of English Housing found that 656,000 people borrowed an average of 33,000 each in each of the past three years.

Posted by Webmaster @ 12:23 PM (443 views)
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7 Comments

1. denzil said...

Strewth:
"The government's Survey of English Housing found that 656,000 people borrowed an average of 33,000 each in each of the past three years."

33K each in "each year" is terrifying.

So 56% borrowed against the value of a property gets put back into property in the form of improvements. 29% of the new debt paid of old debt and 15% bought goods for the home.
Now most people I know who have mewed have bought cars and had holidays, plasma screens and even cosmetic surgery as demonstrated occasionally in my local by my friends now ample wife.

The telling stat to me is that 29% of new debt paid old debt.

Scary stuff indeed.

Thursday, November 23, 2006 12:44PM Report Comment
 

2. Surfgatinho said...

Pay off debts - 29%!!!!
Er, how can borrowing money to pay off borrowed money 'pay off' debts?!

Thursday, November 23, 2006 12:53PM Report Comment
 

3. Sam said...

where's your local?

what I hate about stats like, "33,000 each" means that there's a greedy little sh** with my share out there somewhere. but a least it's not a depressing as the statistic that on average each adult in the uk has sex 2.4 times a week.

Thursday, November 23, 2006 02:14PM Report Comment
 

4. Jimmyjames said...


I'm suspicious of this survey -people are much less likely to openly admit they've MEW'd in order to fritter it away on cars and holidays.

If you were an anthropologist you wouldn't finding out how much someone spent on drink by expecting them to answer a direct question truthfully. Same I suspect with expecting entirely honest answers on the MEW question.

Thursday, November 23, 2006 03:49PM Report Comment
 

5. rich said...

>>...as demonstrated occasionally in my local by my friends now ample wife.

That's got to be worth a bit of negative equity.

Thursday, November 23, 2006 06:44PM Report Comment
 

6. bidin'matime said...

MEWing of 22bn a year is around 2% of GDP - take that away, together with the knock on effect it has as the cash works it's way through the economy, and you pretty much have a recession...

Thursday, November 23, 2006 08:14PM Report Comment
 

7. Grasuth said...

This piece of 'research' is certainly half-baked....this figures refer to the number of respondants in a poll...not the amounts of money being used as per the description. The CML said "It is re-assuring that the two most popular uses are for house improvements or renovations and to pay off debts". Complete bunkum, because the actual amounts of money spent on 'renovations' is unknown. Believe what you want to believe and the CML certainly would like to, but I'd bet its a relatively small amount.

Friday, November 24, 2006 10:40AM Report Comment
 

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