In seasonally adjusted terms, the Bank’s measure of housing equity withdrawal (HEW) in 2012 Q4 was -£8.6bn (Table A). HEW as a percentage of post-tax income was -3.1% in 2012 Q4, compared to -2.9% for 2012 Q3. The negative figure indicates a continued injection of housing equity by households overall, with the net flow of lending secured on dwellings remaining weaker than their investment in housing. The flow of secured lending remained positive (Table A). The decline in HEW – and move to injections of housing equity - since the start of the financial crisis (Chart 1) has not been associated with an increase in ... (full story)