House Purchase (Bank Rate)

Oral Answers to Questions — Wales – in the House of Commons at 12:00 am on 6th March 1969.

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Photo of Sir Raymond Gower Sir Raymond Gower , Barry 12:00 am, 6th March 1969

asked the Secretary of State for Wales whether, in view of the further increase in Bank Rate, he has considered the position of housing purchasers in Wales; what discussions he has had with building societies and local authorities; and what decisions he has reached.

Photo of Mr Ifor Davies Mr Ifor Davies , Gower

My right hon. Friend has had no recent discussions with the building societies or local authorities on this subject; but both he and my right hon. Friend the Minister of Housing and Local Government maintain close contact with the Building Societies Association.

Photo of Sir Raymond Gower Sir Raymond Gower , Barry

Will the Minister take account of the fact that local authorities such as Port Talbot, Ebbw Vale and Pontypridd are paying 8¾ per cent. interest to the Public Works Loan Board for money for house purchase and that the Principality Building Society has forecast the inevitability of an increase in interest rates by building societies? Is it not a fact that house purchasers in Wales, as elsewhere, face a very grim prospect in the months, and possibly years, ahead?

Photo of Mr Ifor Davies Mr Ifor Davies , Gower

Our record in housing is a very proud one and does not indicate any difficulties. I should point out that house purchasers are being helped by the tax reliefs on what they pay.