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Housing Equity Withdrawal

The increase in housing prices in recent years has contributed to rising household wealth and has helped to underpin continued strength in consumption spending. One important aspect of this process is that rising housing prices, combined with other factors such as lower interest rates and financial innovation, have increased the capacity of households to borrow. A feature of the past few years has been that the increase in borrowing secured against housing has exceeded net new spending on housing assets. This means that households, in aggregate, have been extracting some of their equity in the housing stock to release funds for other purposes. This process of housing equity withdrawal has also been observed in the US and the UK over the past few years, and has been cited as a factor contributing to the growth of consumer spending in those countries.