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Housing Market

Volume 408: debated on Thursday 3 July 2003

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To ask the Chancellor of the Exchequer what assessment he has made of the potential impact on the UK housing market of increased use of long-term fixed rate mortgages; and if he will make a statement. [123200]

These issues will be considered as part of the Miles Review announced in Budget 2003.

To ask the Chancellor of the Exchequer what recent discussions his Department has had with mortgage lenders regarding the market share of variable rate mortgages in the UK. [121551]

The Chancellor has asked David Miles, Professor of Finance at Imperial College, to undertake a review of the UK's fixed rate mortgage market to establish why the share of fixed-rate mortgages, particularly long-term fixed rates, is so low compared to the United States and many other EU countries.The Review process will involve consultation with key stakeholders to establish views and inform the analysis.Professor Miles will deliver an interim report by autumn and a comprehensive report and recommendations to the Chancellor by Budget 2004.