§ 31. Mr. EdwardsTo ask the Chancellor of the Exchequer if he will make a statement on the impact of the level of interest rates on the housing market. [11363]
§ Ruth KellyIn August this year mortgage rates averaged 6.0 per cent. This compares with an average of over 11 per cent. during the period 1979–97. As a result, mortgage interest payments on the average mortgage are now over £1,500 a year lower than if interest rates were still at the levels seen from 1979–97.