XN000022-1973-03-28 — Page 30

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Wednesday, March 28, 1973

Sir Hugh said: "Many acres of land are being provided for our

massive public housing programme and the faster we get ahead with that

programme the better."

The availability of an adequate supply of decent public housing

would have a restraining influence on private rents, he said.

The Colonial Secretary said that since he spoke on rent control

in the Council in December 1971, the rate of building had increased dramatically.

Even more dramatic, he said, was the rise in demand for all types

of residential accommodation.

Reasons

"This has happened for a number of reasons

increasing prosperity;

the desire for more living room, as incomes increase and customs change; the

situation has been stimulated by activity on our stock exchanges; and the

attraction of Hong Kong as a centre for business activity in the Far East has

increased the demand for domestic premises," he added.

The Colonial Secretary also pointed out that the supply situation

with regard to domestic flats had improved since he last spoke on the subject

of rents.

In 1971, he said, a total of 12,242 flats were completed.

In 1972, the number rose to 20,589, an increase of 68 per cent over

the 1971 figure.

The forecast for completions in 1973 is 30,000.

But, despite this improvement in supply, rents for newly completed

property have moved upwards during the last two years.

/Sir Hugh agreed

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