OVER a million social housing tenant will face rent increases of up to 7% next year, Chancellor Jeremy Hunt revealed today.
Mr Hunt revealed in the Autumn Statement that there would be an increase in the amount that social rents can be hiked in 2023 – adding up to £340 a year to bills.
Compared to previous plans, which would have seen rents go up 1% above inflation, so around 11%, that’s a roughly £200 saving.
Last year, rents increased by 1.6%.
Many social housing tenants receive full housing benefits from the government, which means the increase in rents will be picked up taxpayers.