Deputy Prime Minister written question – answered at on 14 December 2004.
To ask the Deputy Prime Minister what the average proportion of household income spent on mortgages by first-time buyers buying property within the Greater London area was in the latest year for which figures are available; and if he will make a statement.
First-time buyers who purchased property within the Greater London area during 2003 faced mortgage repayments equivalent to an estimated 22.6 per cent. of their income. The equivalent figure for first-time buyers for the whole of the United Kingdom was 19.9 per cent.
Notes:
1. The incomes of first-time buyers are as recorded on their mortgage application forms and will include single or combined incomes depending on whether they were single or joint buyers. The information is derived from mortgage completions data obtained through the Survey of Mortgage Lenders. 2. The basis for the calculation is that all mortgages applied for were repayment mortgages (as opposed to an interest-only mortgages). For buyers who actually opted for an interest-only mortgage, their repayments as a percent of their income would have been slightly lower.
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