§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer, further to his written reply dated 20 February concerning the amount of mortgage interest payable each year since 1979 whether his figures were end-year or average, and after payment of mortgage interest relief; whether he will publish in theOfficial Report his estimate of the average mortgages outstanding in each year and the amount of interest paid before relief; and if he will add an estimate for 1989.
§ Mr. LilleyThe figures for mortgage interest as a percentage of person disposable income and of consumers' expenditure given in reply to the hon. Member on 20 February at columns688–89 were averages for the years and were calculated on the basis of payments gross of mortgage interest relief. As regards the amounts of interest 108W payable before relief in these years, I would refer the hon. Member to the mortgage interest figures which were included in the reply that my right hon. Friend the Chief Secretary gave on 19 February to another question by the hon. Member at columns 524–25, which were on this basis. Estimates of average mortgages outstanding in the years 1979–1988 are as follows:
£ billion 1979 42.1 1980 48.9 1981 57.5 1982 69.1 1983 84.2 1984 100.1 1985 117.7 1986 140.2 1987 168.4 1988 204.4 It is not yet possible to provide estimates of mortgage interest payable and average mortgages outstanding during 1989.