HC Deb 24 June 1969 vol 785 cc236-7W
Mr. Roy Hughes

asked the Minister of Housing and Local Government what effect the increase in mortgage interest rate to 8½ per cent. has had on the amounts borrowed by building societies in March, April and May, 1969; and what effect it has had on the amounts loaned by building societies in the equivalent months.

Mr. MacColl

There has been a sharp improvement in net inflows to the building societies since the rates were raised. This should help sustain the private housing market, but despite the higher rates, demand for mortgages continues to outstrip supply.