§ Mr. Frank Allaunasked the Secretary of State for the Environment what is the current average cost of buying a home for owner-occupation; and what are the average monthly repayments at present for a 25 year mortgage of 90 per cent.
§ Mr. Geoffrey FinsbergThe average house price in the first quarter of 1980 was £22,349. The current average costs of purchase would be:
Stamp duty £112 Land Registry charge (registered property) £ 57 Building society valuation fee £39 The stamp duty payable, the Land Registry charge, and the building society 363W valuation fee are based on scales related to the purchase price. In addition, there would be solicitors' fees and the cost of an independent survey. These costs are not collected by the Department. Assuming an advance of 90 per cent. of the average purchase price, and a mortgage rate of 15 per cent., the average gross monthly repayments would be £259; although the average net repayments would be considerably less—£184 for a basic rate taxpayer.
Year 1975 1976 1977 1978 1979 Average house price £11,945 £12,759 £13,712 £15,674 £20,143 Stamp duty — — — £78 £201 Land registry fee £28 £31 £33 £40 £52 Building society valuation fee £25 £27 £29 £32 £37 The stamp duty payable, the Land Registry charge, and the building society valuation fee are based on scales related to the purchase price. In addition, there would be solicitors' fees and the cost of an independent survey. These costs are not collected by the Department.
1975 1976 1977 1978 1979 Average advance £10,750 £11,483 £12,340 £14,106 £18,128 Mortgage rate 11.0 10.5 10.5 9.75 11.75 Average gross monthly repayments £106 £109 £118 £127 £190