Andium Homes defers annual rent increase

31/08/2018

The Andium Homes’ Board has decided to defer the annual rent uplift due in October, which if implemented in line with current States’ Rent Policy, would have caused an increase in rent of 5.25% for tenants.

Following the publication of the June Retail Price Index (RPI) of 4.5%, the Andium Homes’ Board approached Ministers to propose that any uplift in rental charges should be deferred. This will enable Ministers to agree with social housing providers a sustainable and fair States’ Rent Policy in the future.

Andium Homes is pleased to confirm that this deferment is supported by the Minister for Children and Housing and the Minister for Treasury and Resources, who has agreed a similar delay in the increase in the annual return paid by Andium Homes to the States of Jersey, currently £28.8 million.

Ian Gallichan, Chief Executive of Andium Homes, said “We recognised that the June RPI at 4.5% would have caused, under the current States’ Rent Policy, an annual increase in rent of 5.25% for our tenants. Clearly, the Andium Homes’ Board was concerned on their behalf, and given the subsequent publication of the Average Earnings Index at 3.5%, we strongly recommended to Ministers that the current calculation method for rent uplifts needs review.”

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Andium Homes Limited 33-35 Don Street St Helier Jersey JE2 4TQ