§ Mr. FlookTo ask the Deputy Prime Minister what assessment he has made of the effects of the change in property prices in Taunton since 1999; and if he will make a statement. [74110]
§ Mr. McNultyAccording to the Department's Survey of Mortgage Lenders, house prices in south-west England rose by 31.8 per cent. during the three years 1999 to 2001. According to HM Land Registry figures the average price of residential property sold in Taunton Deane was £85,097 in 1999 and £109,530 in 2001.
Homeownership is affordable for most people. Homeowners are benefiting from low interest rates, low unemployment and robust income growth. For people purchasing a home in south-west England during 2001, total mortgage payments averaged 17.44 per cent. of their income. This compares to 28.42 per cent. of income in 1990, and is lower than 1999 (17.91 per cent.) and 2000 (19.43 per cent.).
However, we are well aware that there can be serious problems for many first time buyers in areas of high demand. We are committed to improving people's housing choices, and to ensuring that everyone has the opportunity of a decent home. Our aim is to deliver new affordable housing where it is needed most, in more sustainable forms.