In spite of the active privatisation strategies of the 1980s and 1990s over 3 million council houses remained in England in 2000 and they formed some 15% of all dwellings. By the late 1990s the backlog of under-maintenance and the effects of a prolonged residualisation process were no longer denied but were key considerations in the future of housing policy. Against this background proposals for the transfer of ownership and control of council housing were an important element in the Housing Green Paper (DETR/DSS, 2000). What was regarded by many as a policy inherited from the Conservatives was not only endorsed by New Labour but the scale of anticipated transfer represented a considerable increase when compared with the achievements of the previous government. With little evidence of strong support either from local government or council tenants the strength of commitment to this policy may be regarded as surprising. At the same time the increase in activity, if it is achieved, will further change the housing market in England and the impacts of such changes are uncertain. This chapter outlines the origins of stock transfer policies before setting out the key proposals in this area. It argues that the continuity in policy, while surprising in some respects, can be explained especially in relation to public expenditure considerations. It also argues that, in view of the significance of the planned change, there is a striking failure to discuss a range of potentially important issues. The widest background to stock transfer policy is a continuing political debate about the merits of different tenures and about the failings (alleged and actual) of state housing.