Skip to main content

House Prices

Volume 987: debated on Friday 27 June 1980

The text on this page has been created from Hansard archive content, it may contain typographical errors.

asked the Secretary of State for the Environment what is the current average cost of buying a home for owner-occupation; and what are the average monthly repayments at present for a 25 year mortgage of 90 per cent.

The average house price in the first quarter of 1980 was £22,349. The current average costs of purchase would be:

Stamp duty£112
Land Registry charge (registered property)£ 57
Building society valuation fee£39
The stamp duty payable, the Land Registry charge, and the building society valuation fee are based on scales related to the purchase price. In addition, there would be solicitors' fees and the cost of an independent survey. These costs are not collected by the Department. Assuming an advance of 90 per cent. of the average purchase price, and a mortgage rate of 15 per cent., the average gross monthly repayments would be £259; although the average net repayments would be considerably less—£184 for a basic rate taxpayer.
Year19751976197719781979
Average house price£11,945£12,759£13,712£15,674£20,143
Stamp duty£78£201
Land registry fee£28£31£33£40£52
Building society valuation fee£25£27£29£32£37
The stamp duty payable, the Land Registry charge, and the building society valuation fee are based on scales related to the purchase price. In addition, there would be solicitors' fees and the cost of an independent survey. These costs are not collected by the Department.
19751976197719781979
Average advance£10,750£11,483£12,340£14,106£18,128
Mortgage rate11·010·510·59·7511·75
Average gross monthly repayments£106£109£118£127£190