Customer feedback leads to rent reduction for some shared ownership customers
We have acted after receiving feedback from shared ownership customers and have reduced planned rent increases for one year.
Bromford's Carole Clark said: “We surveyed customers who had bought shared ownership homes prior to 2010 to find out how those customers may have been affected by the last recession in terms of job losses, stagnant salary rises, higher fuel and food prices and so on.
“We looked at what percentage of net income was being used to pay housing costs and whether particular customers were being affected more than others. As a result, we have decided to reduce planned rent increases for those paying a higher rent uplift for one year.”
So that means that customers who would have had a 3% increase this October (Retail Price Index of 1% plus 2%) will now see a reduced uplift of 1.5% (Retail Price Index of 1% plus 0.5%).
Carole concluded: “This is an area we will be staying close to with our aim being to continue to make homes as affordable as we can. Customer feedback is really important to us and we hope to speak to more customers over the next 12 months so we can carry out another review of the decision next year.”
Demelza and Mike have lived in their shared ownership home for six years and were delighted to win a Kindle for entering the survey. Demelza said: “The survey was really quick and easy to complete and this is really good news as rents do go up but this means we can keep saving.” Demelza and Mike have a three-year-old daughter Tabatha and are saving to move onto a larger home. Demelza summed up: “This home has enabled us to get on the property ladder when we wouldn’t have been able to otherwise.”