§ Mr. Neubertasked the Secretary of State for the Environment what relationship the ceiling of £13,000 on mortgage advances imposed by the Building Societies (Special Advances) Order 1971 bore to average house prices at that time; and what would be the equivalent ceiling now.
§ Mr. DellI have been asked to reply.
In the third quarter of 1971 the average price of all dwellings mortgaged with building societies in the United Kingdom was £5,772. To restore the limit to its 1971 level in relation to house prices would mean raising the ceiling to £26,000.