§ Mr. Fauldsasked the Secretary of State for the Environment what is the average cost of a new house in the Warley area and the monthly repayment necessary to purchase it over 25 years on a 90 per cent. mortgage ; and what were the equivalent figures for June 1970.
§ Mr. ChannonThe average price of new houses in the West Midlands region mortgaged with building societies was £6,269 in 1972 compared with £4,624 in 1970. Monthly repayments on a 90 per cent. mortgage for 25 years would have been £44.04 and £33.89 gross respectively, or net of relief of tax at the standard rate on earned income in the first year, £32.71 and £24.43. On the actual average advances for such houses the repayment figures over 25 years would have been £37.71 gross and £28.05 net in 1972 and £29.48 gross and £21.25 net in 1970.
House price data are not available for areas smaller than economic planning regions ; and figures for 1973 have not yet been produced.