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Giant housing associations agree deal over sale of 228 homes
Sovereign Housing Association has agreed a deal with Hyde Group to buy up 228 of its properties in the South of England.
The deal will see the 57,000-home association take over the ownership, management and maintenance of Hyde homes in Basingstoke and Deane, New Forest, the Isle of Wight and Salisbury.
The deal will initially see Sovereign takeover 193 properties which will be a mixture of flats and houses, with the association taking over the remaining 35 homes in a second phase later this year.
The latest deal sees the number of properties Sovereign has sold, bought or swapped since 2005 rise to nearly 10,000 homes, representing around £650m in transactions.
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In 2016, Sovereign agreed a deal to take on 1,400 home from Hyde and its development subsidiary Martlet Homes.
Paul Wright, stock transfer manager at Sovereign, said: “We’ve taken on 193 properties so far, and will work hard to build a new relationship with Hyde’s former residents, as we gradually take on the remaining 35 buildings. The properties are a mixture of general needs, supported, shared ownership and leasehold homes.”
Simon Vevers, strategic assets and partnerships director at Hyde, said: “This is an important move for Hyde and our residents. This marks the completion of a three-year stock rationalisation programme. We are confident that Sovereign is perfectly positioned to continue to deliver an excellent service for residents in these areas.”
Stock rationalisation – the sale of homes within the sector – has grown in recent years as associations seek to cut costs and reduce their areas of operation. In 2017, up to 10,000 homes were transferred within the sector – a record year.
