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The Plumlife Property Management team want to do everything possible to best support all rental customers, including those who own a share of their home via Shared Ownership.
As part of this, we have decided to cap the rent increase for our Shared Ownership customers at 7%. This is much lower than the rate of inflation and under the contract we hold with most Shared Ownership customers, rent would usually go up slightly more than the rate of inflation based on the retail price index.
For most of our Shared Ownership customers this would have meant a 14.6% increase in rent. Although we have to cover our costs, we recognise the major impact this could have on our customers and so we have decided to cap the rent increase at a much lower level.
We absolutely know this is a really challenging time for people – with the cost of energy, food and bills rising. Like everyone else and other businesses, we’re having to manage rising costs, including those associated with providing our services.
If you live in a Shared Ownership house, the cost of providing buildings insurance to your home will go up this year from £7 a month to £8 per month. We’ve been working really hard to keep this cost down and although this is an increase, we have used our bulk buying power to still achieve a competitive rate in this marketplace.
What’s next? Please keep an eye out for your rent letter
You’ll get your rent letter in February telling you exactly how much you will pay along with any increase to your service charge, if you pay one. For now, we have answered common questions over at plumlife.co.uk/rent.
Concerned about paying your charges?
If you’re unsure about how you will pay your charges, please do contact the accounts team on 0161 447 5050 or email directory@plumlife.co.uk. We know that rising costs will be a significant challenge for many of our customers and we’re here to do what we can to help.
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