This month, the Local Housing Allowance (LHA) rate in Stockport has increased which is great news for tenants and landlords alike.
Renters who receive assistance with their rent, will receive a major boost in their housing costs as the Local Housing Allowance rises after four years.
The Local Housing Allowance aims to enable those renting a home amongst the cheapest 30% of private rent properties in the area to cover their entire rent with their Housing Benefit or Universal Credit payment.
In Stockport, the Local Housing Allowance rates are:
One bedroom: £143.84 per week which equates to £625.02 per month
Two bedroom: £172.60 per week which equates to £749.99 per month
Three bedroom: £207.12 per week which equates to £899.99 per month
Four bedroom: £322.19 per week which equates to £1399.99 per month
These increases will be a welcome relief for renters on Universal Credit especially with the cost of living and energy crises. It will also make renting more affordable for those who are entitled to claim.
The increases will also be great news for conscientious landlords who have been keeping their rent rates low in line with the Local Housing Allowance particularly where the market rents have moved on significantly and where mortgages rates have increased. If you’re a landlord in need of advice on navigating your tenancy with Local Housing Allowance, please drop us a line on 0161 474 2696 or by email on lettings@threesixtyliving.uk
Three Sixty Living
Three Sixty Living are an award-winning, profit-for-purpose Property Management company based in the heart of Stockport and serving Greater Manchester.
