This report presents the key findings from recommendations of a Chartered Institute of Housing (CIH) study into the rationalisation of housing association stock. The study maintains that patterns of housing association property ownership and management have developed over time in response to a number of perfectly rational reasons, yet some now appear disjointed in nature. This work, sponsored by the Housing Corporation, considers the extent to which stock rationalisation within the housing association sector would produce improvements in operational efficiency, service delivery, community engagement and neighbourhood regeneration.