Southern Housing Group has reached an agreement with the Hyde Group to purchase 524 homes across eight council areas.

The £45 million deal will see the Group acquire new homes in Woking, Rushmoor, Thurrock, Southend, Hastings, Rother, Wealden, and Sevenoaks.

The portfolio, spanning across a range of tenures from general needs, shared ownership to supported housing, includes management agreements with seven different third-party registered providers and care & support providers. Southern Housing Group will also directly manage a sheltered housing scheme in Hastings.

The deal is scheduled to be complete at the end of April.

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Alan Townshend, Group Development Director at Southern Housing Group, said: "We have worked hard alongside the Hyde Group to complete this stock acquisition and are very pleased with the result.

"We are confident that this transfer will ensure that customers continue to receive the best possible service as we already manage a number of homes in these eight local authorities. With our staff working from a number of offices across London and the South East, our focus is on delivering excellent local services, ensuring that we quickly visit customers and, wherever possible, resolve issues there and then.

"This marks an important milestone for Southern Housing Group, and moving forward our New Business Team will continue to work to identify new stock acquisition opportunities in London and the South East."

David Gannicott, Business Development Director at the Hyde Group, added: "This is an important transfer for Hyde and the result of a three year stock rationalisation programme. We are confident that Southern Housing Group is perfectly positioned to continue to deliver an excellent service for residents in these areas."

(LM)