Our policy on rents is that we have always attempted to keep rents below market levels, and in line with other Housing Associations. We have tried to reflect a number of variances between properties by charging slightly different levels, using a points system.

However, a new form of Government rent control was introduced in 2002. Rents must, over a ten-year period, be brought into line with a rent formula known as a "Target Rent", based on property values and local earnings. Associations' rents will tend to reduce in comparison to Council rents; and vice-versa. This is known as "Rent Convergence" or "Restructuring". The formula applies to "net" rents - Le., before any service costs (gardening, lift, alarm system, furniture, etc.) are added.

The differentials in rents between properties of different sizes will largely disappear - houses will get relatively cheaper, and smaller flats relatively more costly. We previously distinguished between sizes of gardens, parking, etc., but this too has disappeared under Rent Convergence. Rents will be much more alike.

We have up to 10-years to make these changes. The general principle we are adopting is to move rents towards their targets in equal stages. We also intend to remove some anomalies between different rents over a year or so from introduction, then move all rents to their new "Targets" at regular intervals over the following year or so.

In the past, most of our rents increased by roughly the same amount each April. In future - because each "Target Rent" will now be quite different - the amount of increase will widen.

If you have any queries regarding future changes to your rent, please contact us; we have an explanatory leaflet available, and can also provide more details of our own "Rent Plan" as required.