Merton transfers 9,000 homes
The transfer of 9,000 homes from Merton Council to a new housing association has been completed, in a deal that will see £383 million invested over 30 years.
The stock transfer to Merton Priory Homes, a newly-formed subsidiary of Circle Anglia, went through this week. It is understood to be the largest transfer in London for a decade.
Tenants narrowly approved the move in a vote last June, with 53 per cent of those that voted being in favour. Merton Priory Homes has promised to invest £129 million in improvements to the homes over the next 10 years, and £383 million over 30 years. It is also setting up a £1 million community fund to invest in projects across the borough.
Around 200 council staff will be transferring to the housing association.