Bromford quits market rent sector with £20m property sell-off

Jonathan Cooper, strategic property planning manager at Bromford Flagship, said: “This move reflects our unwavering focus on what we’re great at. By exiting market rent, we’re sharpening our focus on social housing and ensuring we deliver the best possible outcomes for our customers.”

The housing association said residents were supported by neighbourhood coaches, with regular messages and consultation while it was disposing of the homes.

Bromford designated its market rent stock as part of its “non-core” business – along with social care and commercial units – in its strategy for 2023-27.

Management, maintenance and development of social and affordable housing were listed as its “core business”.

Other ventures such as new specialist homes for older or disabled people, properties for sale in mixed-tenure schemes and market sale simply for profit were deemed “value-adding activities”.

Earlier this year, Bromford merged with housing association Flagship, with the pair managing a total of 80,000 homes.

As Bromford Flagship, the housing association aims to build 2,000 homes per year over the next 30 years, with 50% at social rent. 

In a bid to reach this target, the business set up a £1.5bn Euro Medium-Term Note programme in June and issued its first sustainable bond earlier this month.