§ Mr. PikeTo ask the Secretary of State for the Environment what information he has regarding the number of first-time buyers receiving tax relief on mortgage interest; what percentage of mortgage holders they represent; what percentage of mortgage advances in cash terms they represent; and if he will make a statement.
§ Sir George YoungAccording to the 1991 Labour Force Survey, 3.5 million first-time buyer households in England were purchasing their property with a mortgage. They represent 42 per cent. of all mortgage holders.
The Labour Force Survey does not provide information on the amount of mortgage finance borrowed by first time buyers. However, using information collected by the Department from building societies and banks it is estimated that in 1992 first time buyers' mortgage advances accounted for 45 per cent. of all such advances.