Magazine article Public Finance

Rent Rises Capped at 5% Following Funding Boost

Magazine article Public Finance

Rent Rises Capped at 5% Following Funding Boost

Article excerpt

Council rents are expected to rise by up to 5% after the government announced that local authorities will receive an extra £132m for managing and maintaining their homes.

The Department for Communities and Local Government this week forecast that the average guideline rent in England will rise in April by £4.05 (7.2%) to £60.16 per week.

But housing minister Yvette Cooper said a cap of 5% was being imposed to protect tenants while councils and housing associations restructure their rents.

Rent increases are partly determined by the retail price index the previous September, which this year stood at 3.6%. Ian Wright, service development director at the Northern Housing Consortium, said the relatively high inflation figure would mean that, nationally, the housing revenue account (HRA) would be in surplus. …

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