Chancellor Jeremy Hunt has revealed in his Autumn Statement today (Nov 17) that rent for social housing tenants will be going up by as much as seven per cent in 2023-2024. Addressing MPs about the move, which will add up to £340 a year to bills, the Chancellor said: "I want to go further to support people most exposed to high inflation."
He added: “Around four million families live in the social rented sector – almost one-fifth of households in England. Their rents are set at one per cent above the September inflation rate which means that on current plans they are set to see rent hikes next year of up to 11 per cent.
“For many, that would clearly be unaffordable, so today I can announce that this Government will cap the increase in social rents at a maximum of seven per cent in 2023-24. Compared to current plans, that is a saving for the average tenant of £200 next year.”
