HC Deb 20 June 1995 vol 262 c138W
Mr. Milburn

To ask the Secretary of State for the environment, pursuant to his answer of 23 February,Official Report, column 268, if he will update the table on the number of households in negative equity. [27532]

Mr. Robert B. Jones

Estimates of negative equity are sensitive to the house price index and other assumptions used. Based on Department of the Environment house price data, an estimate of the number of households affected by negative equity in the first quarter of 1995 and the value of negative equity by region is as follows:

Region Number of households (thousands) Value (millions)
South East 374 1,910
Greater London 1.00 371
South West 97 309
East Anglia 71 309
East Midlands 33 71
West Midlands 7 6
Wales 11 13
Yorks and Humberside 70 153
North West 41 29
North 28 40
Scotland 53 80
Northern Ireland 1 1
UK 886 3,292

This table is intended to provide only a broad indication of the level of negative equity. Certain assumptions used in compiling the table may have overstated the number. My Department is reviewing with the Bank of England the reliability of those assumptions.