Transfer of Islington's stock to housing association 'not viable'
A report commissioned by Islington Council has found the transfer of the authority’s stock to a housing association would not be viable.
The authority had previously said it will not transfer its 35,000-home stock to a housing association.
A report completed by housing consultancy Tribal has now also recommended that a stock transfer should not go ahead.
The report said: ‘Our review of the stock transfer option indicates that Islington would be unlikely to be able to achieve a viable stock transfer.
‘This is because the council’s estimated housing debt following the self financing settlement is significantly higher than the estimated resources that would be available from a combination of a transfer valuation and overhanging debt funding.’
The council will instead consider whether to bring the management of the homes in-house or retain arm’s length management organisation Home for Islington.
James Murray, cabinet member for housing at Islington Council, said: ‘”The report endorses our decision to reject stock transfer.
“With the harsh cuts we are experiencing in other areas, this is good news for Islington and means our independence to decide how best to manage and maintain our properties, set rents and build new homes is guaranteed.”
