asked the Minister for Local Government if he is satisfied that the maximum income limit for house purchase loans is still adequate, in view of the recent rate of inflation.
Ceisteanna—Questions. Oral Answers. - House Purchase Loans.
69.
The continuing growth in the number of applications for the loans indicates that the income limit—which I increased by more than 30 per cent last year— is still generally accepted as adequate. Applications with local authorities rose steadily from 7,854, value £20 million, at 31st December, 1972, to 14,319, value £46 million, at the end of last December. The rate of approvals has also increased remarkably—from 1,379 in the December, 1972 quarter to 3,352 in the three months ended 31st December last.
In the circumstances, I have no immediate intention of increasing the limit. However, I shall continue to keep the question under continuing review.
Would the Minister undertake a review every six months in view of the severe inflationary rate?
I am keeping the matter under continual review. I made two changes in a short period last year.
I am not trying to take from what the Minister has done in this matter.
In view of the recent wage agreement, would the Minister consider tying them to that?
Most of the people looking for this kind of loan will be under the limit——
There are some people on the borderline who would not qualify. Will the Minister take into consideration the new wage agreement?
The last arrangement made by me included practically everyone in the lower middle income group. I should prefer to let it run for a few more months.