§ Mr. Freeson
A rising percentage of building society loans has been going on older property. In the first quarter of this year 23 per cent—about 37,000—of all building society loans were in respect of pre-1919 property. In the 2nd quarter of 1975 the comparable figure was 17 per cent.—about 28,000 loans.
I hope that the closer working understanding which is already successfully developing between building societies and local authorities will help to avoid an over-rigid approach to particular areas of older property.
I have begun discussions with the Building Societies Association about the best ways in which they can help to fill the gap left by the cuts in local authority mortgage lending; these discussions are continuing.