Rent and service charges are calculated according to the type of property that you live in and also the type of services that we provide.
The rent you pay to us covers the cost of providing, managing, maintaining and improving your home. The way in which housing associations calculate rent is set by central government to ensure all social housing providers charge similar rents.
Rents differ for each property because they are based on various factors including, property valuation, size of the property, location, average local earnings and the type of tenancy agreement you have.
From 1 April 2024 the amount of rent you pay, and where applicable service charges, will be changing.
Rent for shared ownership properties is calculated using a formula specified in your lease. Increases are generally based on a combination of the Retail Price Index plus a percentage specified in your lease. Your lease will include all relevant details.
Some of our customers pay a service charge in addition to their rent. Your tenancy agreement will show if this is the case and give details of the services we provide to your property. The service charge contributes toward the costs incurred in providing these services. These charges may include such things as the grounds maintenance of communal/neighbourhood areas, cleaning and lighting.
Service charges are set to cover actual costs incurred in the provision of the service. Costs are divided between all customers who benefit from the service and are set to recover actual costs incurred; we do not make a profit from these charges.
Initially, we estimate what these charges will be. This is based on previous actual costs, as well as any expected increases or decreases, including inflationary costs. They are then adjusted after the end of the charge year, once actual costs incurred are known. Any additional cost (underpayment) is then charged, or credit (overpayment) returned, in the following years' charges.