§ 7. Mr. Speed
asked the Minister of Housing and Local Government if he will list in the OFFICIAL REPORT for each of the last 10 years the monthly repayments required for an 80 per cent. mortgage taken out for an average-priced new house in each year, allowing for changes in mortgage interest rates during this period.
§ Mr. Freeson
I am afraid the hon. Gentleman is wrong on this score. Although I am unable to quote exact figures, there has been a considerable increase in the rate of owner-occupation in recent years.
§ Mr. John Fraser
Will the Minister publish, with those figures, comparative figures for European countries? Will not those figures show that the relative interest rates in Great Britain compared with other countries have been lower under the Labour Government than under Tory Governments?
§ Mr. Freeson
That is perfectly correct. Whatever difficulties we are experiencing here, and there are undoubted difficulties, the figures extant in this country compare favourably, to a degree, with those in other countries. What is more, the rate of reduction in the house-building programmes in other countries has been much greater than in this country during the past year.
§ Following is the information:
|Monthly repayments on 80 per cent. advance over 25 years|
|Interest Rate||Purchase Price£||Gross||Net of Tax Relief*|
|* Tax relief has been computed for the first year of the mortgage based on earned income taxed at the standard rate.|