Yesterday, Chancellor of the Exchequer Jeremy Hunt announced his autumn statement, providing an update on the state of the national economy and decisions around tax and spending.
The statement included several measures that will impact those who live in our homes and us as an organisation. This is our response.
Housing is historically expensive in London and, in the last year, rental prices have soared to unprecedented levels. This has put pressure on incomes and priced many families out of the market, leaving social housing to bridge the gap. The government has today taken steps towards rectifying some of the challenges that we as an organisation and many of our residents face.
We welcome the extension of the affordable homes guarantee scheme as a means to both increase and improve the quality of housing stock, as well as the decision to unfreeze the local housing allowance (LHA) rate. Returning the LHA rate to the 30% percentile of local market rents will provide support to those most in need of help with their housing costs and is a small step towards relieving some of the pressure on social housing services. Investment in homelessness services is also an important move given they are currently stretched to capacity.
Finally, it is a relief to see that benefits have increased in line with September’s inflation figures. That said, the broader benefit reforms will likely have a negative impact on those with lower incomes – and those vulnerable or unable to work – who rely on such measures to pay for necessities like housing.
Our residents’ welfare and ability to access housing remains our priority no matter the political and economic climate, and we will continue to do all we can to ensure that we are making affordable housing as accessible as possible.
