Cap on social housing rent increases for tenants
We know many of our residents are concerned about the increasing cost of living and maintaining their rent payments.
On Thursday 17 November 2022, Jeremy Hunt, Chancellor of the Exchequer confirmed that following a consultation, the Government will introduce a 7% cap on social housing tenant rent increases from April 2023 for the 2023/24 financial year for all social housing landlords.
This will mean a lower than expected rent increase which under the Regulator of Social Housing’s Rent Standard were set to rise by the Consumer Price Index (CPI) plus 1%.
Please note there will be no changes to your rent at this time. The changes will take effect from 1 April next year, 2023 and you will receive full details in the rent review notice that will be issued in February 2023.
As a not-for-profit organisation, we use the money to improve our homes, support our planned investment in critical fire safety works and invest in local communities.
We know too that shared owners are also concerned about rent increases next year. We have been working with the National Housing Federation and other Registered Providers looking at what options are available to the housing sector and shared owners at this difficult time. We are pleased to confirm that we have now agreed a voluntary settlement for shared owners which means we will also cap shared owners rent at 7%. This is lower than the expected increase which under the terms of most leases is linked to the Retail Price Index (RPI).
We will write to all residents and provide you with a booklet detailing your individual charges in February 2023.
We know the rent increase may present another financial challenge for many of you, but we have a friendly and dedicated team of Welfare Benefits Advisors who can provide support and advice. We have also put together tips and resources to help you if you’re struggling to meet the rising costs of running your home.
If you have difficulties paying your rent or service charge, please call us on 0300 123 9966 or email us as soon as you can so we can work with you to find a solution. We can also signpost you to other experts and sources of advice.
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