§ 23 Mr. Mitchison
asked the Minister of Housing and Local Government (1) if he will complete, to the latest available date, the table appearing as an appendix to foreword in the Accounts, 1955–56, under the New Towns Acts, 1946 and 1955; and if he will divide the completed total of advances by Minister outstanding so as to show the rates of interest applicable to that total and the average rate of interest so applicable;
(2) what was, at the latest available date in the year ended 31st March, 1957, and at the latest available date since then, the average cost of building, without services, a three-bedroom house for a development corporation in each of the New Towns in England and Wales and the average exclusive or inclusive rent charged for a three-bedroom house in each of those New Towns by the development corporation and by the district council;
(3) what rates of interest on advances under subsection (1) of Section 12 of the New Towns Act, 1946, have been in force from the commencement of that Act until now; for what periods; and what was the total of such advances during each such period.
§ Mr. H. Brooke
As the Answer includes a number of figures, I will arrange for it to be printed in the OFFICIAL REPORT.
§ Mr. Mitchison
Is the right hon. Gentleman aware that for once that is just what I hoped he would reply?
§ Following is the Answer:
§ The New Town Development Corporations are responsible for fixing their rents, and they are Lot required to keep me informed about the actual or average rents they charge. From the information I have, however, I think it can be taken that
|Development Corporation||Date of establishment||At 31st March, 1957||During the year ended 31st March, 1957|
|Advances by Minister outstanding||Capital expenditure (at cost, less disposals and depreciation) (a)||Capital expenditure (b)||General Revenue Account Deficiency (c)||Ancillary Undertakings Revenue Accounts Deficiency (c)|
|Land, buildings and ancillary undertakings||Miscellaneous capital expenditure|
|Aycliffe||2nd July, 1947||5,611,673||5,634,176||583,865||19,910||532(d)||3,604|
|Basildon||3rd February, 1949||16,159,493||16,262,709||4,413,801||35,743||35,318||123,923|
|Bracknell||20th October, 1949||7,680,297||7,801,342||1,954,726||155,261||49,174||31,811|
|Corby||10th May, 1950||4,338,905||4,523,525||1,231,352||4,018||16(d)||—|
|Crawley||26th February, 1947||25,101,767||25,006,323||5,769,395||8,854||15,072||151,364|
|Cwmbran||24th November, 1949||5,971,418||6,193,869||1,295,972||33,857||14,505||14,665|
|Harlow||16th May, 1947||26,984,634||27,571,775||5,637,306||33,205||43,473(d)||157,534|
|Hemel Hempstead.||6th March, 1947||20,703,544||20,871,507||2,700,539||74,573||20,403(d)||83,612|
|Peterlee||22nd March, 1948||5,899,364||5,999,708||665,100||35,490||9,335||14,134|
|Stevenage||5th December, 1946||20,027,614||20,018,224||3,312,952||29,804||13,182(d)||155,379|
|Welwyn Garden City.||14th June, 1948||9,862,288||10,052,236||978,233||41,342||63,324(d)||5,710|
|Hatfield||14th June, 1948||4,873,351||5,126,819||1,187,898||8,021||18,278(d)||8,845|
|East Kilbride.||8th August, 1947||12,611,704||12,324,917||1,950,889||62,029||242,647||630|
|Glenrothes||25th October, 1948||3,885,230||3,783,900||424,995||11,491||59,844||—|
|Cumbernauld||15th February, 1956||35,500||132,940||106,410||26,530||4,614||—|
§ (a) Column (4) includes the value of work in progress but not paid for.
§ (b) Includes administrative costs charged to capital account.
§ (c) Columns (7) and (8) include interest amounting to approximately £531,750 and £55,234 respectively on expenditure and projects on capital account before the dates of their completion.
§ (d) Surplus.974
§ the exclusive rent of three-bedroom houses in the New Towns in England and Wales ranges from about 25s. to about 39s. in a few cases more, where the houses have exceptional amenities. I have no information about the rents now being charged by the district councils concerned.975
§ TABLE B
§ The total advances made by the Ministry of Housing and Local Government and the Secretary, of State for Scotland to the Corporations to 31st March, 1957, at the various rates of interest have been:
|Rate of Interest||Amount of Advances|
|Average rate of interest||4.35||Total Advances||£171,752,365|
§ Repayments to 31st March, 1957 total £2,005,583 leaving £169,746,782 outstanding. An analysis of this total of amounts outstanding between the various rates of interest is not readily available, but details for each Corporation are included in Schedule No. 1 of their annual accounts.
|Period||Rate of Interest||Amount of advances issued by Ministry of Housing and Local Government|
|March, 1947, to 7th November, 1951||…||…||3||16,345,950|
|8th November, 1951, to 8th February, 1952||…||…||3¾||3,473,900|
|9th February, 1952, to 19th October, 1953||…||…||4¼||37,451,185|
|20th October, 1953, to 3rd June, 1954||…||…||4||17,224,000|
|4th June, 1954, to 28th February, 1955||…||…||3¾||17,877,300|
|1st March, 1955, to 8th July, 1955||…||…||4||11,478,000|
|9th July, 1955, to 12th August, 1955||…||…||4¼||2,198,500|
|13th August, 1955, to 6th September, 1955||…||…||4½||1,850,000|
|7th September, 1955, to 16th January, 1956||…||…||5||9,014,000|
|17th January, 1956, to 31st March, 1956||…||…||5¼||9,303,000|
|1st April, 1956, to 8th November, 1956||…||…||5½||13,302,900|
|9th November, 1956, to 15th February, 1957||…||…||5¾||6,045,500|
|16th February, 1957, to 12th July, 1957||…||…||5½||15,409,500|
|13th July, 1957, to 27th September, 1957||…||…||5¾||4,106,000|
|28th September, 1957, to 22nd November, 1957||…||…||6¾||2,488,000|