HC Deb 27 April 1995 vol 258 cc651-2W
Mr. Redmond

To ask the Chancellor of the Exchequer (1) if he will list by region the current average amount where a home owner's mortgage debt exceeds or falls short of the value of their property; what the national average is; and what were the equivalent figures for each of the four previous years; [20721]

(2) if he will list by region the number of home owners whose current property value is at a negative equity figure; and what were the figures for each of the previous four years. [20729]

Mr. Nelson

Estimates of the number of households with, and the average value per household of, negative equity by region in the years 1990–1994 are shown in the tables. Figures for households with positive equity are not available.

Estimates of negative equity are sensitive to assumptions made about average house prices. These estimates are based on Department of the Environment house price data.

On this basis, the number of UK households with negative equity in the fourth quarter of 1994 had fallen by 45 per cent. since its peak in the fourth quarter of 1992. The total value of negative equity fell by 64 per cent. over the same period.

Table 1: The number of households with negative equity, by region, 1990–94
Thousands
1990 1991 1992 1993 1994
South East 129 230 425 447 361
Greater London 20 61 141 148 107
South West 41 75 126 143 111
East Anglia 26 39 60 69 58
East Midlands 16 28 42 50 22
West Midlands 11 9 32 33 14
Wales 5 11 12 14 11
Yorkshire and Humberside 4 5 23 10 21
North West 6 4 4 27 9
North 1 4 6 4 6
Scotland 6 4 1 4 5
Northern Ireland 5 4 2 2 3
United Kingdom 270 475 875 952 729

Table 2: The average value of negative equity per household, by region, 1990–1994
£
1990 1991 1992 1993 1994
South East 3,540 4,332 6,306 6,449 5,101
Greater London 2,455 3,004 6,091 5,648 3,792
South West 3,555 3,476 4,314 4,770 3,745
East Anglia 4,900 4,795 5,246 5,026 4,603
East Midlands 1,080 1,319 1,486 1,813 1,658
West Midlands 1,411 955 1,550 1,496 1,280
Wales 1,178 2,570 1,872 1,692 1,428
Yorkshire and Humberside 488 602 1,165 1,447 835
North West 588 958 388 1,003 516
North 1,004 1,635 1,264 1,414 730

Table 2: The average value of negative equity per household, by region, 1990–1994
£
1990 1991 1992 1993 1994
Scotland 649 721 168 634 463
Northern Ireland 809 1,145 1,902 1,365 1,480
UK 3,160 3,685 5,295 5,269 4,207