Mr Clappison said on Friday: 'I am delighted to give the go-ahead to this transfer. It represents a very good deal for the tenants, who will benefit from a guarantee that rents will not go up by more than one per cent above the rate of inflation until April 2001. The transfer will also allow an accelerated programme of repair work to take place, and give tenants a greater say in the management of their homes.'
The application from the district council to transfer its housing came after a ballot in which 87% of tenants voted, of whom over 85% supported transfer. South Warwickshire Housing Association has agreed to pay the council £57.9m to acquire the stock.
This transfer brings the number of approved large scale voluntary transfers of local authority housing stock to 52, involving more than 229,000 homes. These transfers have raised over £3.7bn in private finance, to purchase and invest in the housing stock.