HC Deb 10 May 1978 vol 949 c551W
Mr. Scott-Hopkins

asked the Secretary of State for the Environment by how much in percentage terms local authority lending for the purpose of house purchase and improvement is scheduled to fall between 1973–74 and 1978–79.

Mr. Freeson

In 1973–74 local authorities lent £434.5 million at 1977 survey prices for house purchase and improvement. The 1978–79 provision is for £120 million at 1977 survey prices. This fall of 70 per cent. would be reduced to under 10 per cent. if the £276 million available under the building societies' support lending scheme is taken into account. Over the period, building society lending on pre-1919 property increased from about £780 million in 1973—at 1977 prices; deflated by average house price index—to £1,560 million in 1977, an increase of 100 per cent.