Guidance spurs five councils to transfer stock
Long-awaited government guidance on stock transfer rules published on Monday has paved the way for a new wave of stock transfers.
Five councils have been in discussions with the Treasury and the Communities and Local Government department about carrying out stock transfers - all of which must be completed by March 2015.
These include Gloucester, Northampton, Salford, Durham and Lewisham. Gloucester’s arm’s-length management organisation, 4,800-home Gloucester City Homes, had previously planned to become the first community and council-owned organisation, but the idea was quashed by the Treasury.
Lewisham and Gloucester are still working through their stock options which include the possibility of transfer. However, negotiations with others including 12,000-home Northampton Councils, and Durham Council which has two ALMOs - East Durham and Dale and Valley - as well as its retained stock, are more progressed.
Salford Council has begun a competitive process with other landlords to decide the fate of the 10,500 homes currently managed by its ALMO Salix Homes, which is considering transferring.
Experts said the government guidance made it more ‘challenging’ for authorities to make the business case to justify a transfer.
Considering a transfer