Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Older Renters Struggle as Local Housing Allowance Rates Stay Frozen
A charity is calling on the government to unfreeze Local Housing Allowance (LHA) rates ahead of next week's Autumn Budget, warning that rising rents are leaving older renters struggling. Independent Age says that since LHA rates were last uprated, average rents have risen rapidly, leaving older renters unable to afford essentials.
LHA determines how much Housing Benefit or Universal Credit claimants can receive towards their rent. With rates frozen, the gap between the support available and actual market rents has widened as rents have climbed.
Independent Age's warning comes as the government prepares to set out its fiscal plans in the Autumn Budget. The charity is urging ministers to act on LHA rates to help older renters who are finding it increasingly difficult to cover their housing costs and other basic needs.
The issue is relevant to letting agents and inventory clerks working with tenants who rely on LHA to meet their rent obligations. Frozen rates can affect affordability checks, tenancy sustainment and the level of support available to older tenants in the private rented sector.
The source report does not include specific figures on rent increases or the number of older renters affected. Further detail is expected to emerge around the Autumn Budget.
Source: Property118