§ 10. Mr. McCrindleasked the Secretary of State for the Environment what is the current proportion of owner-occupied properties to the total of the housing stock.
§ Mr. ArmstrongIt is estimated that about 55 per cent. of the total stock of dwellings in England were owner-occupied at the end of 1975.
§ Mr. McCrindleThat is a reasonable advance towards what I would call a property-owning democracy, but has the Minister any further suggestions about how we may advance to the 70 per cent. to 80 per cent. levels of Australia and 1291 the United States? Will he consider, in spite of his last answer, the controlled sale of council houses on the one hand and the restoration of tax relief on mortgages over £25,000 on the other?
§ Mr. ArmstrongThe hon. Member should bear in mind that when the Government came to office in February 1974 we inherited a mortgage famine, and house prices had gone through the roof. Our policy to stabilise building society funds has enabled many more families to own their own homes.
§ Mr. George CunninghamIs my hon. Friend aware that the most important and influential action ever taken to assist more people to own their own homes was the introduction of the option mortgage scheme—and that was introduced by a Labour Government?
§ Mr. ArmstrongI have pleasure in reaffirming that that excellent advance was made by a Labour Government.