§ 1. Mr. Maddenasked the Secretary of State for Prices and Consumer Protection what recent representations he has received in connection with the existing rights and protection of house purchasers when buying property.
§ The Minister of State, Department of Prices and Consumer Protection (Mr. John Fraser)A limited number of representations have been made on the aspect which I understand is of most interest to my hon. Friend—namely, that building society surveys should be brought to the attention of the prospective purchaser.
§ Mr. MaddenIs the Minister aware that a number of people purchasing properties each year find themselves in considerable financial difficulty when they buy a property without having had a survey done previously? What progress is being made in the discussions with the Building Societies Association about combining valuations and structural surveys to overcome this difficulty?
§ Mr. FraserIt is always best if the purchaser obtains a survey, and the Director General of Fair Trading is discussing with the building societies the possibility of joint valuation inspections and 3 structural surveys for both the building society and the purchaser.
§ Mr. McCrindleOn the other side of building society transactions, is the Minister satisfied with the protection extended through legislation to building society investors? In the light of the Grays Building Society situation, is the Minister satisfied that it is right to rely on the munificence of the building societies? Is this not a case where consumer protection also should be considered?
§ Mr. FraserThat is not a question directly for me, but I should have thought that the building societies acted pretty admirably over the question of investors in the Grays Building Society.