MORE than 1,400 households are to have a new landlord and a more local service after two leading housing associations completed a major stock exchange.

Sovereign Housing has transferred 721 homes in Fareham, Havant, Portsmouth and Southampton to Hyde in exchange for 719 properties from The Hyde Group across East Hampshire, Hart, Test Valley, and Basingstoke and Deane.

The deal means both not-for-profit organisations can be more efficient, concentrating their investment in the areas where they already have a significant number of homes. Residents will also benefit from a more local service from their landlords.

Heather Bowman, Sovereign’s executive director housing and communities, said: “We’re looking forward to working with all our new residents in Test Valley, East Hampshire, Hart and Basingstoke and Deane, providing them with improved local services and support. We hope they’ll enjoy the benefits that being part of a large, more local community will bring and that they’ll feel more involved.”

Carol Carter, group director of housing for the Hyde Group, said: “We are delighted to welcome all of our new residents in to the Hyde family. This stock swap means we are able to better service our existing residents with increased resources as well as investing in the building of more homes.”

While stock transfers are common in the social housing sector, this is one of the largest swaps to have ever taken place. The transfer took place on July 11.