Council tenants in Gloucester have secured an estimated £292m investment in their homes after voting in favour of a stock transfer.

Arm’s length management organisation Gloucester City Homes will take over the 4,800 properties in 2015. Of the 63.7% of tenants who took part in the ballot, 89% voted in favour of the transfer. The council faced a £22m shortfall in funding needed to maintain homes over the next decade.

Gloucester City Council’s cabinet member for housing, health and leisure, Cllr Colin Organ, said: ‘The council has believed from day one that any decision to transfer should entirely rest with the tenants. This “yes” vote shows that tenants have listened to the proposals and made an informed decision to transfer.

‘The council and Gloucester City Homes have worked hard to give tenants the standard of homes they have a right to expect but, with the vote to transfer, the money will be available to keep their homes up to standard in the future and carry out repairs and improvements without delay.’

Andrew Harley, chair of the Housing Futures Residents’ Panel, said: ‘Tenants have had a key role to play from day one and were instrumental in producing the transfer offer that was put to all tenants.

‘We have backed the idea of transfer as we believed it was the best way forward for our homes and service. The “yes” vote is tenants saying they want more of the excellent service and decent homes they know Gloucester City Homes delivers. It is the right decision for tenants and the city.’

Gloucester City Homes will carry out refurbishment of properties and plans to build 100 new homes within the first four years after transfer.

Chief executive Ashley Green said: ‘Gloucester City Homes has always tried to do a good job for tenants and we have been recognised for our efforts on several occasions. We believe this vote is an endorsement of our hard work, but we know expectations will be high and we intend to deliver for our tenants.’