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From 1 April 2020 a new rent standard was imposed by Central Government introducing a return to the previous policy of limiting rent increases to the Consumer Price Index (CPI) plus 1% for five years.
All tenants will be informed of any rent increases, in writing, four weeks before implementation.
Social rent and affordable rent
Local authorities have the option to offer tenancies at either social rent or affordable rent levels.
Social rents are set according to a formula agreed by government whereas affordable rents are set at up to 80% of the local market rent.
The majority of our council homes have rent set by the social housing formula, and we, the council, will not convert any of these properties to charging an affordable rent. However, where new housing is added to the council’s stock, the council will consider the use of affordable rents on a site by site basis.
For properties that were tenanted prior to the government instigating the social housing formula, it is at the discretion of Hinckley & Bosworth Borough Council as to when the rent of each property is altered to meet the social housing formula.
Social rents are set in accordance to the following formula:
Weekly formula rent is equal to (70% of the national average rent multiplied by relative county earnings multiplied by the bedroom weight) plus (30% of the national average rent multiplied by relative property value).
Please refer to the policy statement for rents and social housing (PDF) (assets.publishing.service.gov.uk) set out by the government in February 2019.
Last updated: 16/01/2024 08:37