{"id":3618,"date":"2025-09-29T11:23:08","date_gmt":"2025-09-29T10:23:08","guid":{"rendered":"https:\/\/www.firstport.co.uk\/?page_id=3618"},"modified":"2025-10-03T14:49:23","modified_gmt":"2025-10-03T13:49:23","slug":"service-charges","status":"publish","type":"page","link":"https:\/\/www.firstport.co.uk\/about-us\/service-charges\/","title":{"rendered":"Service charges"},"content":{"rendered":"\n
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We know service charges can be complex, and we\u2019re working to make them easier to understand for our customers. While costs have risen across all sectors over the last few years, we\u2019re taking steps to make sure our customers have greater visibility and confidence in how their money is spent.<\/p>\n\n\n\n

Higher bills have understandably placed greater scrutiny on service charges, particularly in the context of the wider cost of living crisis. Consumers now require a more detailed level of information to understand what they are paying for as they more carefully manage their personal and family finances.<\/p>\n\n\n\n

The Property Institute\u2019s (TPI) Service Charge Index provides an industry benchmark. It shows that service charges have risen across the entire property management industry over a five-year period. This has principally been due to substantial increases in building insurance, utility costs and adjusting to new building safety regulations. <\/p>\n\n\n\n

We have also carried out our own analysis across our portfolio of circa 6,300 developments. Across the portfolio, we recorded an average year-on-year (FY23 to FY24) cost increase of 2%, with 44% of developments experiencing a change in costs of 2% or less, and a median increase of 6%. These increases were primarily driven by stricter health and safety regulations, increases in supplier costs for maintenance services, and rising labour costs in line with strong wage growth. <\/p>\n\n\n\n

View our diagram which breaks down the types of services that are covered within your service charge.<\/p>\n<\/div>

\"Visual.<\/figure><\/div>\n\n\n\n
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Our commitment to customers<\/h2>\n<\/div>\n\n\n\n
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It is clear that our industry has not kept pace with these heightened consumer expectations and is inconsistent in making sure residents clearly understand the costs that make up their service charge.  <\/p>\n\n\n\n

To adapt to these changing demands, we are: <\/p>\n\n\n\n