§ Mr. CousinsTo ask the Chancellor of the Exchequer, pursuant to his reply to the hon. Member for Preston (Mrs. Wise) of 15 March,Official Report, column 654, if he will give for the years 1988 and 1989 the total amount of mortgage interest paid, distinguishing between changes due to changes in the level of interest rates and changes due to changes in the stock of mortgages; and what is the number of mortgages outstanding and their average size as at 31 December 1987, 31 December 1988 and 31 December 1989.
§ Mr. LilleyThe latest estimates are that total mortgage interest payments grew from £22.1 billion in 1988 to £32.3 billion in 1989; 53 per cent. of the increase was due to the effect of the increase in interest rates on the stock of mortgages in 1988 and 47 per cent. to the effect of the increase in stock in 1989, including the effect of the rise in the interest rate on the increase in stock. Estimates of the numbers of mortgages outstanding and their average size in the last three financial years are given in the table:
Mortgages qualifying for income tax relief Outstanding mortgages (thousands) Average size of mortgage (£) 1987–88 8,750 17,000 1 1988–89 9,100 21,000 1 1989–90 9,300 24,500 1 Provisional.