The deal, between Merseyside housing associations Riverside and Liverpool Housing Trust, comes after a year of intensive negotiations. Stock swaps of this size are rare because the negotiations are so difficult.
Some 160 homes, mostly terraced houses in the southern Liverpool suburb of Garston, are to transfer from Riverside to Liverpool Housing. In exchange, 194 similar homes in Kensington, central Liverpool, will move from LHT to Riverside subsidiary Community 7.
Tenants were not formally balloted, but showed strong support in three rounds of consultation. Rent levels were similar.
The two associations undertook the swap to streamline provision of services in the regeneration areas and to help neighbourhood management.
All of the swapped homes have tenants and many will be improved, but the associations said the real attraction of the deal lies in easing services such as caretaking and wardens, plus wider area renewal.
Each is taking a lead role in one of the areas and these roles will eventually embrace far more than traditional landlord management.
They admitted the process of completing the swap was legally and financially complex and took far longer than anticipated.
Riverside divisional director Brian Seddon said: "We each have to satisfy our own tenants and boards, but there was mutual trust and support between associations. This was not about money: it was the right thing to do."
The difference in numbers swapped brought an unequal stock valuation. Riverside still owes LHT for 30-odd houses and the difference will be made up through other transfers, not cash.
LHT housing services manager Derek Stewart added: "Housing associations will have to get more into neighbourhood management so we need swaps."
The associations will launch a good-practice guide on swaps at a conference in Merseyside on 27 November. Both the guide and the conference were funded by the Housing Corporation's innovation and good practice programme.
Source
Housing Today
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