Your rent
As the cost of living crisis is a huge focus across the country, we want to be as transparent as possible about anything we know that may affect finances now or in the future.
Rental of your property is a significant and priority outgoing. Annual rent increases for social housing providers across the country are set on a Government formula and from April each year the rent increase is based on the previous September CPI (Consumer Price Inflation) rates. CPI is created by looking at average current prices of commons goods and services, which tend to rise each year, so as these rise, so does rent.
Under current regulations Social rents increase by CPI + 1% each year, however given the current situation and the significant increases in inflation and cost of
living (see further facts below) the Government are consulting housing providers to consider a cap for rent increases. Current consultation is asking providers about a suitable cap at 3%, 5%, 7% or other. (www.gov.uk/government/
consultations/social-housing rentsconsultation/social-housing-rents).
Results are expected at the end of
October.
Example of rent increase setting:
September 2021 CPI = 3.1%
Previous Government cap sets rent at CPI + 1% = 4.1%
4.1% = April 2022 increase
July 2022 (Latest figure) CPI is 10.1%
This would equal a potential 11.1% increase
The improvements programme for 2022 – 23 includes plans to replace a total of 1,500 kitchens, bathrooms and boilers in our existing properties, as well as spending £3.3million on fire safety work which continues to be a top priority.
Other planned work will include replacing customer windows and heating systems, installing aids or adaptions into customer homes, installing insulation to improve energy performance and other additional external improvements.
Customers needing financial support should contact their Neighbourhood Services Manager for an informal discussion in the first instance, or email FinancialResilience@greatplaces.org.uk