§ Mr. D. E. Thomasasked the Secretary of State for Wales what is his estimate of the value to house owners in Wales of the 453W average weekly mortgage subsidy including tax relief on interest payments, and the benefit of a mortgage interest rate of 11 per cent. in a situation of 20 per cent. inflation.
§ Mr. Robert SheldonI have been asked to reply.
The average value of tax relief on mortgage interest per owner-occupied dwelling in Wales is estimated for 1974–75 to have been about £1 per week. This includes those owner-occupiers without a mortgage. The equivalent figure per mortgagor is estimated at slightly under £2 per week.
The number of house owners in Wales with option mortgages is not known, but the total subsidy for such mortgages in Wales amounted to £1.3 million in 1974–75.
The benefit to an individual of a mortgage interest rate of 11 per cent. during a period of inflation of 20 per cent. would depend on many factors, including the
Beef Breeds Beef/Dairy Cross Year Steers Heifers Steers Heifers 1970 … … … … … 74.44 74.38 83.28 76.15 1971 … … … … … 86.35 80.60 95.59 91.89 1972 … … … … … 124.00 105.00 115.46 109.61 1973 … … … … … 168.82 145.00 164.59 154.28 1974 … … … … … 100.00 85.00 124.71 113.89 1975 … … … … … 132.88 112.33 134.77 126.93