The Government has been working on a major overhaul of the allocation of funds for councils. Their Fair Funding Review looks at the most critical things, such as deprivation, to ensure areas get the money they need. It’s a big change over previous formulas, often criticised for unfairly distributing funds. It will have a massive impact on various areas, with Enfield in particular celebrating the new allocation. We want to have a closer look here, then you can talk to us if you want help with guaranteed rent in Enfield.

Funding boost

As we said, the Government’s funding review is changing how much money different councils receive. Enfield is one of the biggest winners. They will see a massive 58% increase in their allocation in the next three years. As a result, their spending power will be up by a fantastic £203m.

To put the funding jackpot into perspective, Enfield was previously one of the lowest funded councils in London. However, from 26/27 they will be at the other end of the table. It will be a big help, ensuring they can do more to provide and protect local services.

Comparing to other local councils, Enfield is one of the biggest winners in England. Only one other council got a bigger increase in funding. They got the highest boost in London in percentage terms. Newham will receive more actual money in the three years (£217m). However, they haven’t had such a dramatic increase as Enfield’s. Speak to us about guaranteed rent in Enfield.

What does it mean for locals?

Enfield Council has had a very tricky time in recent years. They are in massive debt, expected to exceed £1.5bn. Careful financial planning means they have been able to avoid bankruptcy. However, there have been some tough decisions, including closing a number of libraries and a cut to tax support

The increase in funding, beginning with an extra £47.5m next year, will be very useful. Crucially, it resolves immediate financial difficulties. The council will be able to use additional funding to invest in their services, build reserves, and potentially even reduce their debt. There is potential that cuts could potentially be reversed too.

Comments

Accompanying the news of the increase in funding, Enfield Council Leader Ergin Erbil said he was “very pleased”. He said it reflects fairer funding for Enfield’s neighbourhoods and communities, allowing them to invest in the borough. This is massive news and could attract more people to the area. If you invest in local properties, make sure you ask us about guaranteed rent in Enfield.

Additionally, Councillor Erbil gave praise to the current government. He said they understand local problems in Enfield such as “poverty, high housing costs, and the rising cost of living”. The additional funding will help address the problems.

Local MP Feryal Clark was also very happy with the funding news. She said the money will “make a real difference to people’s everyday lives”. Most importantly, it will help improve local high streets, roads, community hubs, youth provision, and more.

Find out why guaranteed rent in Enfield is so popular

As you can see, there is plenty of optimism about Enfield. While it has been a struggle for the council and there has been some criticism, the area has remained popular. People love the strong communities and quieter residential spots. It’s attractive for investors, especially if they want families as tenants.

If properties in Enfield do win you over, there are a few things to think about. Will voids or non-paying tenants cause you big financial problems? If so, you may want to look at services like guaranteed rent. We can arrange it, protecting your finances. Additionally, we offer help with managing properties and maximising opportunities.

So, if you want guaranteed rent in Enfield or other services, you should get in touch with us. We support all kinds of clients, including new investors.