§ Rear-Admiral Beamishasked the Minister of Health whether he can give the average rate of interest charged by local authorities and building societies, respectively, in calculating the rents to tenants or the annual payments to purchasers of houses during the quinquennium, 1935 to 1939.
§ Mr. WillinkDuring the quinquennium 1935 to 1939, the rates of interest at which local authorities could borrow from the Public Works Loan Board for housing purposes were as follows: Per cent.
Per cent. 1935—March 1937 3¼ March 1937—August 1937 3½ August 1937—Jan. 1939 3⅝ Jan. 1939—April 1939 3¾ April 1939—May 1939 3⅞ May 1939 4 The rents of local authority houses are, of course, not determined solely by the rates of interest which are payable on their capital cost, but take account of the rents ordinarily payable in the district for working class houses. It is understood that the general building society rate of interest for new mortgages during the period 1935–1939 was 4½ per cent.