Vol. 399 No. 5
32 Mr. Durkan asked the Minister for the Environment if he will increase local authority loans, annuity, income-related and convertibles to a realistic level in line with current house prices; if and when such loans were previously revised upwards; if he will give the average house prices then and now; if he accepts that these loans should be increased; and if he will make a statement on the matter.
I have no proposals at present to increase the limits applicable to local authority house purchase loans. However, I am keeping under review the appropriateness of the present limits having regard to the demand for housing loans from local authorities and the arrangements made with the commercial financial institutions for the transfer of lending. The other information requested by the Deputy is in the form of a tabular statement which I propose to circulate in the Official Report.
Following is the statement:
|
Loan Limits |
**Annual average house price (national) |
|||||
|
Loan Type |
Ordinary |
Special Category |
Date current loan limits were introduced |
New |
Secondhand |
|
|
£ |
£ |
£ |
£ |
|||
|
Income-related |
22,500 |
27,000 |
1 March 1982 |
34,700 |
31,745 |
1982 |
|
Convertible |
22,500 |
27,000 |
1 July 1986 |
38,005 |
37,080 |
1986 |
|
Annuity |
21,000 |
25,000 |
5 June 1986 |
45,819 |
42,990 |
1989 |
