§ 62. Mr. Awbery
asked the Minister of Housing and Local Government how many times the rate of interest on loans under the Small Dwellings Acquisition Act has been increased since 1951; what were the rates in 1951 and 1956; and what steps are being taken to encourage people to purchase their own homes by giving them better facilities.
§ Mr. Powell
The rate of interest is fixed by statute as ¼ per cent. in excess of the rate for advances from the Local Loans Fund. I would therefore refer the hon. Member to Table II in the answer given by my hon. Friend the Economic Secretary to the Treasury to the hon. Member for West Ham, North (Mr. Lewis) on 15th November. All the evidence of advances made by building societies and local authorities shows that the demand for house purchase is continuing at a high rate.