§ 3. Mr. Murtonasked the Minister of Housing and Local Government whether he has now revised his estimate of the increase in house prices that will take place in 1968.
§ Mr. MacCollI would refer the hon. Member to the reply given to my hon. Friend the Member for West Ham, North (Mr. Arthur Lewis) on 9th July.—[Vol. 768, c.43.]
§ Mr. MurtonI understand that that reply told us that costs would rise by 1½ per cent. Does not the hon. Gentleman think that an increase in house prices of 1.1 per cent. already in the first quarter of this year plus the effect of another 1 per cent. when the new rates of Selective Employment Tax come in in September will make a much higher estimate possible by the end of the year?
§ Mr. MacCollIn that last Answer I corrected an estimate of 4½ per cent. to about 3 per cent. I have no evidence at present that new house prices are rising at that rate.
§ Mr. RipponBut what evidence is the Minister obtaining and what efforts is he making to find out the facts? Is not he aware that many people consider that house prices will rise by about 10 per cent. this year?
§ Mr. MacCollThat is a wild estimate. I prefer to stick to the evidence which we have rather than speculate.