The Housing Services expenditure budget for 2023/25 is estimated at £18.395 million and the projected requirement from rents is £17.715m.

A rent increase of 4.8% was agreed, increasing the average weekly rent, based on a 52-week period, from £86.07 to £90.20. A 4.8% increase for lock-up and garage site rents was also approved.

Council leader Gordan Low said: “We aim to ensure that rents for our tenants remain affordable and combat the ongoing effects of the cost-of-living crisis. In setting out our approach to rents, we have prioritised providing stability during a time when, at its worst, inflation reached over 10%.

“Through consultation with our tenants, we recognise the desire to set rents as low as possible. Our proposed rent increase of 4.8% is below the almost 6.5% average increase across our benchmarked peer group. Against an ever-challenging economic backdrop, this housing budget is positive news, and allows us to deliver an affordable and sustainable housing service to our tenants.”

The agreed Housing capital budget for 2024/25 is £21.176m, which includes:

• Investing just over £6m to improve the quality and energy efficiency of existing council houses, to meet quality and environmental standards.
• Investing over £3m to support the completion of the pre-construction phase for the development of both social rented and shared equity housing.
• Just under £3.5m allocated to the purchase of new homes using Turnkey arrangements from developers.
• £4m allocated for the purchase of properties from the open market.
• Over £1.3m for essential works, including the rewiring of housing stock, and to treat dampness and mould in existing properties.

Councillor Low added: “Our capital programme – both for the year ahead and until March 2027 – reflects our commitment to improve our current housing stock and achieve our climate priorities.

“We are expanding our housing stock to develop new build affordable housing and investing to help improve energy efficiency standards. This programme looks to the future and offers a firm foundation to continue providing sufficient and quality housing options for our residents.”