One of the omissions of particular note to the housing sector in the Chancellors’ speech yesterday was the lack of detail surrounding rent convergence, with further clarity around the implementation expected to come in January. Whilst the Autumn Budget documents confirmed the governments commitment to re-introducing the policy, full details around how social rent convergence will be introduced will have to wait until the new year.

“While the government remains committed to implementing social rent convergence, it is important to take the time to get the precise details right, taking account of the benefits to the supply and quality of social and affordable housing, the impact on rent payers and affordability”, the Treasury said.

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Rent convergence would allow cheaper rents across the country to rise quickly, ensuring alignment between similar properties across the country.

A consultation was held over the Summer discussing the plans to re-introduce the policy, following its announcement in the June spending review as part of a package to boost affordable housing.

The government has said it will respond to the consultation “in full” and announce a decision before the launch of SAHP.

The reintroduction of the policy has been met with a positive reaction from the sector, with G15 group estimating the scrapping of the policy to have cost up to £2bn for its members.

Although there have been debates over the appropriate amount of an increase, the sector will be waiting eagerly for further details in January of exactly how rent convergence will re-emerge.