Impact of the cost-of-living crisis on our residents

Please read our statement from Chief Executive, Ian McDermott:

“I support government action to limit rent rises in the short-term during this high inflation period. It’s important that people in need are protected and low and middle-income households will need much more direct support from the government to help with energy bills and other costs this winter. Unfortunately, the reality is that this crisis will increase poverty well before next April.

“At Peabody we will play our part in helping through low rents and other financial support including our energy advice service. But there is no getting away from the fact that these are extremely tough times for many people, with low-paid workers and those on universal credit already struggling to make ends meet.

“From a landlord perspective, not-for-profit associations and councils already have the lowest rents and a range of competing and escalating investment challenges to navigate. We are dependent on rental income to keep investing in homes and places, and the costs of repairs and maintenance are escalating. Peabody rents are already low, at an average of around £120 a week, and further real terms reductions would restrict what we are able to do going forward. I think the government recognises this which will hopefully lead to a wider debate about long-term rent fairness, a simplification of the system, and the need for greater certainty and investment in socially rented homes in the future.”