Empire building? Analysing the drivers towards mega-mergers in the English housing association sector

Nicky Morrison and Niko Szumilo

ERES from European Real Estate Society (ERES)

Abstract: Fundamental changes to the economic climate, government regulations and investment funding have had a profound impact on the operating environment for English housing associations, forcing them to pursue new business models in order to ensure their long-term survival. Whilst mergers are not new for the sector, a new wave of mega-mergers has materialised, with super-sized housing associations projected to become amongst the largest volume housing builders in the country. Scale, however, does not necessarily guarantee automatic efficiency gains or increased development capacity. Yet with size comes status and influence, strengthening the ability for organisations to shape their operating environment and take control of their future. Drawing on organisational theory, this paper examines the way in which wider policy and business drivers alongside managers’ motivations and strategic choices have culminated towards this mega-merger activity. It also considers how other housing associations are to respond in order to compete with these super-sized rivals. The paper suggests that this trend is not only changing organisational forms and affecting organisational cultures but also transforming the future direction of the sector.

Keywords: Affordable Housing; financialisation; investment demands; not-for-profit housing providers; state regulation (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-07-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2017_222

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