Savills Affordable Housing Consultancy has supported clients to complete two significant stock transfers, which include over 1,400 homes amid the coronavirus pandemic.
The houses range of tenures, including the largest transaction to date of single-tenure supported housing between housing associations.
Savills revealed Notting Hill Genesis transferred 813 tenanted homes in East Anglia and Essex to Sanctuary Housing. This includes more than 500 supported housing properties. Savills also supported LiveWest on its sale of 613 general needs homes in Dorset and Hampshire to Radian Group.
Melissa Madjitey, director at Savills Affordable Housing Consultancy, said: “Clearly the main focus for all housing providers at present is managing the response to the Covid-19 pandemic and ensuring the continued delivery of essential services – especially to vulnerable people.
“These transactions have been long-planned to complete at the end of the financial year, prior to the current situation. Our clients were committed to the transfers and tenant and Tupe consultation were in place before the crisis started to gather momentum. Clients worked creatively to conclude the transfer whilst maintaining continuity of service to customers throughout.”
Savills has been supporting NHG to manage an ongoing phased programme of stock rationalisation. The recent transfer is the latest in a series including managed exits from Lincolnshire, Cambridgeshire, the East Midlands, Bedfordshire and the Home Counties.
Savills said it will continue to work with NHG on its remaining exit programme and by the end of the process NHG will have fully rationalised its housing footprint to its core operating areas.
The transfer of 613 homes from LiveWest to Radian was one of the largest mixed-tenure, tenanted transfers to have taken place in the South West.
Helen Collins, head of Savills Affordable Housing Consultancy, added: “These are extraordinary times, and it was impressive to see how our clients coped with delivering these transfers, as they were implementing new ways of working to respond to the Covid-19 crisis.
“Where transfers are at an earlier stage, we are seeing a range of approaches. Some transfers are exchanging contracts with provision for longer completion timescales to allow tenant consultation to be undertaken at the right time. Others are pausing pre-exchange to return once it is judged appropriate to resume.”