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What does it mean for residents?

For our residents, these changes are complex. Rents will reduce, the gradual increase in the minimum wage will be welcomed, but these measures are only part of the complex picture. The way tax credits, housing benefits and out-of-work benefits fit together may mean residents are worse off financially.

Add to that the expectation of paying a higher rent if you earn over £30,000, and the picture becomes confusing. For many residents, the impact will be significant, but this will be hard to judge.

At any time, we believe around 60% of our residents are out of work, although this number changes all the time. So we do know that the reduction of the benefit cap from £26,000 to £20,000, starting in April 2016, will impact on the lives of many of our residents, particularly those with families.

We’re currently working out how many people will be affected, but our estimate is around 2,500 - each family losing significantly more benefit than was lost through the ‘bedroom tax’.

The extension to Right to Buy will give residents who have lived in their homes for more than three years, and are able to secure a mortgage, the chance to own their own home at a discounted price.