This is the time of year where housing associations and co-operatives are thinking about their budgets for the next financial year, starting in April 2024, and, as a key part of that, we’re starting our consultation with tenants on what level of rent is set from April. The law requires us to do this every year. A letter is being sent to every WGHC tenant for their consultation the w/c 08 January 2024.
As you are probably aware, WGHC exists to provide good quality homes at affordable rents. We will always do our best to keep your rents as low as possible.
West Granton Housing Co-operative rents are still among the lowest in Edinburgh
The Committee of Management for WGHC have, in principal, approved the following rent increase for 2024-25:
A rent increase of either 6.5% or 7.0%. They believe this is the lowest increase we can apply which will allow us to meet our costs including the loan repayments for the homes we have built and that should allow us to implement the planned component replacement works next year. Some planned works may be pushed back into future years due to increases in raw materials of up to 20%.
We have looked at the money we have in the bank and how much it is going to cost to continue our reactive repairs maintenance service, component replacement programmes (boilers, kitchens, bathrooms, etc) and all the other operational costs of the organisation. In addition to the rent increase, we may have to borrow some money within the next few years to help us to achieve all of this. We start paying off the first of our 5 loans in 2031. Having considered all responses, Committee will take a final decision at the February Committee Meeting. After that you will be notified of your new rent. Any increase will take effect from 01st April 2024.
We have considered what we need to keep rents affordable, the costs of providing services to tenants and being able to keep investing in our properties and our local community. We have to consider the rising costs of materials, supply chain issues, inflation and interest rates. Taking this into account, Committee feel the proposed rental increase of either 6.5 % or 7.0% is necessary.
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Increase rent by 7.0% – An ‘average’ weekly increase of £6.78
See the table below that gives an indication of your rent increase at 7.0%. This increase will allow us to continue to provide quality housing management and reactive repairs services
and allow a continuation of cyclical maintenance and some component replacement programmes
and be able to continue to provide financial support and assistance for our tenants in the areas of tenancy sustainment, fuel assistance, etc
and develop new tenant initiatives which will further benefit the lives of our tenants in their homes
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Increase rent by 6.5% – An ‘average’ weekly increase of £6.29
See the table below that gives an indication of your rent increase at 6.5%. This increase will allow us to continue to provide quality housing management and reactive repairs services
and be able to continue to provide financial support and assistance for our tenants in the areas of tenancy sustainment, fuel assistance, etc
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To let us know your choice, complete this form for submission.
Rent consultation
Please ensure your submission are returned by Friday 16th February 2024 .
Thank you. Your preferences are important.