Rent Review 2023
The Trustees reviewed the rent for 2023 at their meeting in March. The last year has seen significant inflation which has led to many of our costs rising significantly. In particular the level of inflation in the building industry was 18% during 2022. As repair and maintenance costs form a large part of our expenditure we need to increase rent levels to help cover some of the increased costs we face. From 1 July 2023 the standard rent will increase from £192.50 to £206.00pcm for properties in England and Wales. This is an increase of 7% which is inline with the increase agreed by providers of social housing. Other levels of rent will be increased by 7%. We will not be raising the rents of properties in Scotland as the current legal limit of a 3% increase would leave rents in Scotland lower than those in the rest of the UK. We will review the rent level when we know whether the Scottich Government continue to restrict rent rises after the 30 September 2023. Our intention will be to raise the rent by 7% if possible.
The Trustees have agreed a new Rent Policy (March 2023) regarding the rent paid by tenants who have made Interest Free Loans or have Equity Shares. The new policy will initially effect new tenants but changes will be phased in over the next 2 years. The changes will mean that some tenants will pay more rent than previously, while others will see a reduction. The intention is to be as fair and equitable as possible in the rent charged. If you're affected by the change we will be writing to inform you a year ahead of any change. If having read the policy you have any questions please feel free to contact Andy Hughes.