§ Mr. SoleyTo ask the Secretary of State for the Environment if he will give the latest available figures on the number of possession orders awarded to building societies and banks against mortgage holders during 1988 and the first two months of 1989.
§ Mr. TrippierThe number of possession orders awarded in England and Wales during 1988 against holders of private sector mortgages was 43,108. The figures do not distinguish between building societies, banks and other private mortgage lenders. The provisional figures for the first two months of 1989 are 3,819 during January and 3,564 during February. Most possession orders do not result in properties being taken into possession.
§ Mr. SoleyTo ask the Secretary of State for the Environment what assessment he has made of the likely impact of the rise in interest rates on the number of mortgaged properties that will be taken into possession or where possession will be granted during 1989.
§ Mr. TrippierEvidence available for the United Kingdom in the last decade does not indicate any simple 401W correlation between changes in the number of mortgaged properties taken into possession and changes in interest rates.