Annual review: Rent and service charges 2024/25

From Monday 1st April 2024, our new rent and service charges will be in place, following our annual rent review.

We know that increases in the cost of living are a significant challenge for our customers, and the costs of running our business have also increased. We have considered carefully how to approach the rent increase to ensure that we can provide a full range of essential housing services as well as vital support to our customers.

Aspire Housing is a not-for-profit company. This means that no profit is gained and there are no shareholders who benefit. All rent is used to run services, to deliver and maintain homes, to reinvest into our communities, and to meet the necessary costs of managing a business.

As a business, we have an annual turnover of approximately £50 million, we employ almost 400 people, manage over 9,000 homes, and work with a wide range of local suppliers and businesses.

We are currently finalising our new Corporate Plan, which is being created using feedback from our customers and colleagues, and will set our new values, ways of working and priorities up to 2030.

We want to ensure that we can continue to invest in improvements and maintenance of existing homes, keep our customers safe, and also deliver new homes whilst striving to provide the best possible services for our customers.

Your new rent has been calculated using the Rent Standard rules for 2024/25. This will see your rent increase in line with September’s national measure of inflation (Consumer Price Index) +1%.

Your home

This year we will continue our commitment to investing in our homes. We have planned spending of around £21 million on improvements, repairs and cyclical works, of which £9 million will be spent on upgrades to our existing homes.

We will be investing this year in transforming the customer service experience for our day-to-day  repairs service in response to feedback you shared with us regarding waiting times, job cancellations and communication. We recognise that this service is your top priority, and we will work closely with our group of involved customers to ensure that the changes we make to the service are the ones that will make the most difference to our customers.

New Homes

We are continually looking for opportunities to invest in our communities through the creation of new homes that give people a safe and secure place to live and help tackle the housing crisis.

By the end of the 2023/24 financial year, we will have introduced more than 180 new homes for individuals and families in our communities.

We are also looking ahead to the next five years, with aspirational plans to build or acquire over 650 new homes – an investment of over £130 million that will create homes in our communities for generations to come.

Community support

We understand that these are challenging times for many, and we are committed to providing vital and lasting support to our customers wherever possible.
Your wellbeing will always be our top priority. Whether you need housing support, money advice or help finding a job, we will do what we can to help.
In the past year, our Localities team has supported customers to achieve over £300,000 in financial outcomes, which has contributed to more than 300 households managing to stay in their home in situations where they may otherwise have risked losing their tenancy.
We have managed more than 250 charitable applications, which has secured almost £28,000 in support for customers. We have also provided around 500 homes to customers in housing need and funded around £55,000 to help customers set up and furnish their homes.
Next year, we will continue and expand this support, having already put forward over £100,000 worth of initiatives to support customers and communities.

What support is available?

We understand that an increase in your rent may be worrying. But please rest assured that we’re here to help.
Our Money Advice Team can provide advice on checking benefits, managing debts, helping with budgets and general advice on how to make the most of your money. If you are struggling to afford your household bills, take a look at our money advice page on our website or come along to one of our weekly money advice drop ins:

•    Monday:   Chesterton One Stop Shop 9.30am to 1pm
•    Tuesday:   The Guildhall 9.30am to 1pm
•    Wednesday:   The Guildhall 9.30am to 1pm
•    Thursday:   The Guildhall 9.30am to 1pm
•    Friday:   Ramsey Road Community Centre 10am to 1pm

As one of our customers, you are also eligible for free access to our Aspire to Work service, which can help with CV writing, confidence boosting, the cost of professional qualifications and general support into employment and training.

Please visit our employment and skills page or call 01782 635200 if you’d like to know more.

Further background information on the rent increase

Your new rent has been calculated using the Rent Standard rules for 2024/25. This will see your rent increase in line with September’s national measure of inflation (Consumer Price Index (CPI) in September 2023) +1%.

Therefore, rents for 24-25 will be increasing by 7.7%.