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The annual review of rent and service charges has been completed.
As the cost of living and materials rises, so does the amount of money we need to spend to continue to provide you a safe and secure home. This does mean you will see an increase in the charges you pay from April 2023. You will receive a letter shortly to confirm what these will be for the year.
We understand things are currently really tough for many of our customers and appreciate that an increase in your charges can be worrying. If you are concerned about paying your new charges, please contact us. We are here for you and can work with you to find a solution.
The government usually sets your rent based on the Consumer Price Index (CPI) for September, plus 1%. This year the CPI was very high (10.1%). In light of the current high levels of price inflation and the cost of living crisis, the government has agreed to cap your rent increase at 7%. This means your rent will be increased by 7%, a lower-than-expected rent increase.
The money you pay in rent is reinvested back into our existing homes and communities, as well as building new homes where they are most needed. This means that your home will be maintained and improved and that we can also provide more social and affordable homes to people who need them. You also have access to activities and support within your local communities. To find out about the services available to you and the investments we make in our homes and our communities – click here
Your rent is set based on an inflation measure called the Retail Price Index (RPI). Many shared owners have been concerned about the impact of high inflation on their rents and we have decided to cap shared owners rent increases for 2023/24 at 7%, in line with the government’s rent cap being applied to all social housing rents. This is lower than the expected increase which under the terms of most leases is linked to the September Retail Price Index (RPI), which was 12.6%.
The money you pay in rent is reinvested back into our existing homes and communities, as well as building new homes where they are most needed. This means that your home will be maintained and improved and that we can also provide more social and affordable homes to people who need them. You also have access to activities and support within your local communities. To find out about the services available to you and the investments we make in our homes and our communities –click here
There will be an increase in the amount you pay for your service charges and utility bills. This is because of increased inflation and the rising costs we are paying for these services. We do not make a profit from these charges and work hard to ensure that you are charged fairly for the services you receive.
We’re committed to supporting you and we won’t evict anyone because of financial hardship if you engage with us to keep your tenancy on track. Free guidance and advice on benefits and budgeting it available to you from our Income and Advice Services team. The team can also signpost you to other experts and sources of advice, who may be able to help you. To find out what cost of living support is available to you please click here. You can contact the team by calling 0300 323 0011 or emailing: customer@moat.co.uk
