§ Mr. George Rodgers
asked the Chancellor of the Exchequer what increases, expressed as a percentage of the whole, took place in building society lending rates to those purchasing homes between June 1970 and February 1974; and what similar increases have taken place since February 1974.
§ Mr. Denzil Davies
The Building Societies Association's recommended mortgage interest rate was 11 per cent, in February 1974 an increase of 29.4 per cent, over the 8.5 per cent, recommended rate in June 1970. The recommended mortgage rate has not increased since February 1974; indeed, the Building Societies Association announced on 9th April a 4.5 per cent, reduction in the recommended mortgage rate to 10½ per cent.