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House Purchase (Deposits)

Volume 524: debated on Tuesday 9 March 1954

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asked the Minister of Housing and Local Government what progress has been made in his talks with building societies to secure a reduction in the deposit which a house purchaser has to find.

Two complementary schemes of guarantee under Section 5 (2) of the Housing Act, 1949, have been worked out. These schemes are now being considered by the associations of local authorities concerned. My right hon. Friend hopes to have their comments shortly.

In view of the immense interest in this subject, can the hon. Gentleman explain what "shortly" means, because we have had a big disparity in the use of that word?

I think it would be prudent to wait until the local authority associations make their comments. The schemes were sent to them on 25th February last, and as soon as1 they have made their reply my right hon. Friend will be in a position to make a statement.