§ Mr. Dempsey
asked the Secretary of State for Scotland what was the average 148W cost of a 3, 4 and 5-apartment house built by local authorities in 1951 and 1961, respectively; what was the interest rate charged by the Public Works Loan Board for these two years; and what amount the increased interest rate added to the annual cost of the above mentioned types of houses.
§ Mr. Maclay
The estimated average total costs of typical local authority houses for which tenders were approved in the years mentioned by the hon. Member are as follows:
1951 1961 £ £ 3-apartment … 1,621 2,048 4-apartment … 1,832 2,226 5-apartment … 1,992 2,567
The interest rate charged by the Public Works Loan Board for long-term loans was 3¾ per cent. at the end of 1951 and 6¾ per cent. at the end of 1961.
Annual loan charges on these 1961 costs would, at 6¾ per cent., be greater by the following amounts than at 3¾ per cent.:
3-apartment … £54 16s. 0d. 4-apartment … £59 11s. 4d. 5-apartment … £68 13s. 10d.