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Mr. Welsh
To ask the Secretary of State for Wales what was the percentage of home buyers in each of the past five years experiencing negative equity in Wales. [7249]
Mr. Gwilym Jones
Estimates of the percentage of home buyers experiencing negative equity in Wales in each of the past five years are as follows:
- 1990: 1 per cent.
- 1991: 2 per cent.
- 1992: 3 per cent.
- 1993: 3 per cent.
- 1994: 2 per cent.
These estimates are prepared by the Department of the Environment on the basis of a house price index. The estimates are sensitive to the assumptions made and are intended to provide only a broad indication of the level of negative equity.