UK chancellor Rachel Reeves is planning to raise social rents by more than inflation for the next 10 years in an attempt to boost the building of affordable homes.
Reeves intends to introduce a 10-year formula in October’s Budget that will increase annual rents in England by the CPI measure of inflation — currently 2.2 per cent — plus an additional 1 per cent, according to government insiders.
The move is aimed at encouraging the building of more affordable homes by providing certainty over cash flows to housing associations and councils — which are grappling with heavy debt burdens and large maintenance backlogs.
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