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House price shocks and household indebtedness in the United Kingdom
journal contribution
posted on 2023-06-08, 15:06 authored by Richard Disney, Sarah Bridges, John GathergoodWe use household panel data to explore the link between changes in house prices and household indebtedness (both secured on housing assets and unsecured) in the United Kingdom. We show that households which are borrowing-constrained by a lack of housing equity as collateral make greater use of unsecured debt such as credit cards or personal loans. In response to rising house prices, which relax this constraint, such households are more likely to refinance and to increase their indebtedness relative to unconstrained households. However, for most households, house price movements appear to have little impact on indebtedness.
History
Publication status
- Published
Journal
EconomicaISSN
00130427Publisher
Blackwell PublishingExternal DOI
Issue
307Volume
77Page range
472-496Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2013-06-10Usage metrics
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