Housing stock sold

Housing stock sold

Nearly 3,600 homes have been sold by a Gloucestershire council to a local housing company.

Forest of Dean District Council will transfer the ownership and management of 3,577 homes to Forest of Dean Housing Ltd for £24.5m.

The company says it will carry out a £41.8m repair and improvement programme over the next 10 years.

Housing minister, Tony McNulty, said council tenants would now have a greater say in the management of their homes and a repair programme.

"The transfer of Forest of Dean's stock will generate new investment from private sector funding," he said.

"Modernisation and improvement works will go ahead more quickly as Forest of Dean Housing is not limited by local authority borrowing restrictions.

"The company will also have a long-term investment plan to ensure that once homes have been modernised, they will keep them in good condition in the future," he added.

More than 760,000 homes in England have been sold in this way to date.