The current strategic and financial operating
environment for the Council’s housing service remains
extremely challenging. We are aiming to increase the provision of
social and affordable housing with a commitment to build new homes
within the next few years, investing (£0.85bn) in existing /
new homes over 10 years, improving the services available to
residents, making the necessary improvements to building standards
and safety, and strengthening resident engagement.
The national economic conditions are expected to stabilise and
improve over the next five years (inflation and reducing interest
rates). Despite this, the Council’s Housing Revenue Account
(HRA) finances continue to be under pressure due to the continuing
need for provision of good quality housing and services.
In addition, the confirmation from Government of the national rent
policy for the next five years of Consumer Price Index (CPI) plus
1% will help to provide greater sustainability and resilience of
the Council’s housing finances.
This report sets out the HRA budget proposals for the financial
year 2025/26 including changes to rent levels and other charges as
well as an updated HRA 10-year Business Plan.
Decision type: Key
Reason Key: Expenditure/Income over £5m & policies or new income, reserves use, overspend over £300K;
Decision status: For Determination
Wards affected: (All Wards);
Notice of proposed decision first published: 07/01/2025
Report access: Open;
Report Type: Key Decision;
Decision due: 10 Feb 2025 by Cabinet
Lead member: Cabinet Member for Housing and Homelessness
Lead director: Executive Director of Finance and Corporate Services
Department: Finance Department
Contact: Danny Rochford Email: Danny.Rochford@lbhf.gov.uk.
What is the total value of the decision?: Yes