Government announcements have come thick and fast over the past few weeks, including a fund to support tenants struggling to pay their rent; another to raise awareness of and enforce minimum energy efficiency standards, on top of a new Green Home Finance programme. Meanwhile, the Budget included new funding through the Affordable Homes Programme of £11.5 billion in England to help build affordable housing, with 65% of that funding available for homes outside London. In other news, the eagerly anticipated White Paper outlining proposals for the Renters’ Reform Bill has now been delayed for release until next year.
Our rental market performance over the past month
Here’s a snapshot of how our agency performed in October:
- We achieved an average rent of £542
- Our deal turnaround times were 4 days on average
- The average age of our tenants is 30
£65 million Covid-19 fund to support tenants struggling to pay rent in England
The Department for Levelling Up has announced a new fund of £65 million to support vulnerable renters struggling to pay their rent in England. Councils will be able to allocate funds throughout the winter months to low income earners on a case by case basis, to “prevent homelessness and support families get back on their feet”. Any low income households at the risk of eviction should contact their local councils to access this new support. The new fund in England sits alongside those already in place in Scotland and Wales, where funds of £10 million in each nation have been created to help share grants with those tenants “worst affected by pandemic to avoid eviction”.
We’re still keeping in touch with your tenants to ensure that we’re up to date on their current situation. If you have any questions or concerns, please feel free to get in touch.
Government announces new green initiatives aimed at homeowners and landlords
In the lead up to Cop26, the government has made several announcements aimed at improving the green credentials of housing stock. Councils across England and Wales will share funding of £4.3 million to help them raise awareness of and enforce the current energy efficiency standards in rented homes. Since April 2020, all private rented homes have required a minimum energy performance rating of EPC Band E. The government also announced its Net Zero and Heat and Buildings strategies, which outline the support to be made available to equip homeowners to decarbonise their homes in an affordable way. This includes the new Green Home Finance programme, where £10 million will go towards the development of new energy efficiency products and green finance services, such as heat pumps.
All the best,