Budget 2024: How much social housing rents will rise and why one Shropshire region boss thinks it's a good thing
Rents for tenants in social housing will rise by the rate of inflation plus one per cent for the next five years, it was decided in the Budget.
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The boss of one of the region’s largest housing providers has welcomed the move but believes the rent settlement should be doubled from half a decade to 10 years.
Chancellor Rachel Reeves told the House of Commons that the five-year rent settlement for social housing providers would be the Consumer Price Index (CPI) plus one per cent.
It means that rents will rise by that figure every year for five years.
Wayne Gethings, group chief executive at the Wrekin Housing Group, said: “The need for greater investment and support for the housing sector, and particularly in social and affordable homes, was rightly a significant feature of the budget.
“It’s clear the government recognises the scale of the challenge, and acknowledges that turning the tide on the housing crisis will be crucial in its ambitions to grow the economy.
