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L&Q in talks with resident-led housing association over 1,500-home stock transfer
Giant landlord L&Q is in talks with a resident-led housing association over the potential stock transfer of 1,500 homes in south-east London.
L&Q said it has started discussions with Phoenix Community Housing over a potential deal that would see the smaller organisation take ownership of the homes in the Grove Park area of Lewisham.
Most of the homes involved in the talks were transferred to L&Q from Lewisham Council in 2008.
The 100,000-home landlord said it has since honoured all its commitments in the original stock transfer agreement, bringing the stock up to its own “Decent Homes Plus” standard.
Phoenix itself was formed through a stock transfer from Lewisham Council in 2007 and currently owns 6,300 homes in the borough. It was London’s first community gateway housing association, meaning residents can become shareholders and voting board members.
The potential deal differs from most stock transfers between housing associations in recent years, which are usually motivated by a desire to offload outlying homes in a bid to increase geographic focus.
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L&Q has a major presence in Lewisham, but said the transfer would “unlock capacity” for it to invest in its existing stock while continuing to develop.
The housing association is currently facing massive fire safety costs and working through quality issues in some of its homes, while working towards a highly ambitions target to build 100,000 homes in a decade.
A resident consultation to decide whether the deal can go ahead has been launched and is expected to complete in summer 2021. If approved, the homes would transfer in late 2021.
John Lumley, strategic director of assets and regeneration at L&Q, said: “Lewisham is a flagship borough for us. Our first proper office opened on Deptford High Street in 1970 and we haven’t stopped working to provide homes and manage communities in the area ever since.
“As part of our commitment to delivering the homes Lewisham needs, we’ve identified an opportunity to support a fantastic locally based housing provider.
“We’re proud of everything we’ve achieved at Grove Park since 2008, and we’re confident that Phoenix Community Housing will provide an excellent service that residents can be proud of.
“Over the next few months we’ll be working closely with the local community to ensure that everyone has their say on the proposed changes.”
Jim Ripley, chief executive of Phoenix, said: “This would be a fantastic opportunity to take on hundreds of new homes right on our doorstep and we’re very grateful to L&Q for offering it.
“We’re very proud of what we’ve achieved over the past 13 years through our resident-led model and it would be fantastic to offer residents in Grove Park an equally strong say on the future of our services and the area.
“We’re looking forward to meeting tenants and leaseholders in Grove Park over the coming weeks and listening to their views.
“I hope they will be excited to learn more about some of the groundbreaking work that we do with our residents and local partners to try to build a better future for everyone in south Lewisham.”
