Thousands of council homes changed hands this week as Merton’s housing transfer finally went ahead.

Merton Priory Homes, a newly formed not-for-profit housing association, took over the ownership and running of the borough’s 9,000 council homes on Monday.

The council said the transfer was the largest in London for a decade and would spark a £129m investment in the housing stock over the next 10 years, rising to £383m over the next 30 years.

It also promised more than £200,000 a year would be spent on neighbourhood community budgets, with residents deciding how that money was used.

The transfer was confirmed after a vote by affected residents in June, when a narrow majority decided to back the change. The transfer was supported by 53.2 per cent of voters, with a turnout of 60.5 per cent.

Pauline Ford, managing director of Merton Priory Homes, said: “Our team has been working hard to get to this moment and we are well prepared to hit the ground running.

"It is really exciting to be working with Merton residents to create a more positive future and better place to live.

“Our priority now is to focus on delivering the promises we have made to residents, and ensure that our residents are at the heart of our organisation every step of the way.”