Section: Stock Transfers

Transfer Update

England

Selby Council's tenants voted against the transfer of their homes to Town & Village Housing. The ballot saw 65.4% in favour of remaining with the Council, on a turnout of 75.6%. The transfer would have led to £26.5 million invested in the housing stock to improve them over and above the decent homes standard.
Old Ford Housing Association completed a refinancing deal to complete the transfer of homes on Tower Hamlets Council's Parkside Estate. The £80 million funding includes £45 million new money to support the transfer.
In the middle of a ballot on the transfer of North Lincolnshire Council's 10,000 homes to a housing association, accusations were made that officers of the Authority removed anti-transfer literature from tenants' mailboxes.
Newly formed Seven Locks Housing, to which there are plans to transfer Harborough Council's 2,100 homes if tenants vote in favour in September's ballet, will form a group structure with Dale Housing.
Southwark Council attracted wide criticism from its tenants when it announced its decision to retain its housing stock, arguing that the alternatives of stock transfer, ALMO, and PFI were not viable.
Rossendale Council completed the transfer of its 3,800 homes to green Vale Homes, which will become a subsidiary of the newly formed Trans-Pennine Housing. The £17.5 million funding needed to support the transfer came through new lending with Barclays.
Ragan Housing Association was completing the purchase of nearly 300 homes from Shaftesbury Housing Group for around £20 million. The properties are mainly in the Eastbourne area. Part of a new £50 million loan arrangement with Lloyds TSB will fund the purchase, with the rest earmarked for future development programmes.
Cannock Chase Council tenants voted against transferring their 5,700 homes to the new association - Your Chase Homes. The margin of defeat was only 2% on a 70% turnout. The Council now faces seeking alternatives to replace the £50 million gap in funding.

Scotland

Addressing delegates at the CIH in Scotland conference in Aberdeen, Communities Minister Malcolm Chisholm ruled out the second stage transfer of Glasgow HA's housing stock to all the network of 63 local housing organisations (LHOs). With a number of LHOs looking to join up and reduce the number of transfers, there were further calls for an announcement on how many are likely to take place.
Stirling Council put back its stock transfer ballot, to give tenants more time to be consulted on the proposals. Originally planned for this Spring, the ballot will now take place nearer the end of 2006.
Renfrewshire Housing Association outlined plans to invest £1 billion over 30 years in the housing stock of Renfrewshire Council if transfer plans materialise. Of this, £368 million would be spent in the first ten years on achieving the Scottish housing quality standard for all homes.

Housing Monthly Diary

Reporting on March 2006

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