§ Andrew GeorgeTo ask the Chancellor of the Exchequer what the average mortgage rate was in England in each year since 1978. [90835]
§ Ruth KellyThe information requested falls within the responsibility of the National Statistician. I have asked him to reply.
Letter from John Pullinger to Mr. Andrew George, dated January 2003:
The National Statistician has been asked to reply to your recent question concerning the average mortgage rate in England in each year since 1978. I am replying in his absence. (90835)The rates shown in the attached table are currently compiled by the Financial Services Authority (and previously Building Societies Commission). They are average rates for mortgages with Building Societies. Comparable figures prior to 1984 are not available..These figures relate to the UK Separate figures for England are not available.
Average Mortgage Rate—Building Societies1 Year Average Rate2 Basic Rate3 1984 12.19 11.88 1985 13.01 12.75 1986 12.32 12.3 1987 10.34 10.3 1988 12.75 12.77 1989 14.44 14.42 1990 14.34 14.48 1991 11.39 11.52 1992 8.98 8.98 1993 7.94 7.99 1994 7.84 8.14 1995 7.48 7.98 1996 6.51 7 1997 7.58 8.16 1998 7.29 7.75 1999 6.49 6.88 2000 6.65 7.31 2001 5.17 5.34 1The average rates are based on information provided by Building Societies. The figures reflect rates at the end of the year.
50W2These data represents the weighted average of individual reporters' own weighted average rates on their overall residential loan book.
3These data represents the weighted average of the individual reporters' standard variable (headline) rate applying to the majority of mortgage accounts at the end of reporting period.