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In England and the Netherlands, in response to changes in housing policy and the market, there is widespread enthusiasm for asset management in the social rented sector. A key issue in both countries is the development of a strategic approach towards the formulation of asset management plans. The paper examines this issue in relation to the current practice of housing associations in both countries. Drawing on case studies in England and the Netherlands, it is concluded that in both countries practice varies widely between housing associations. Some of the approaches adopted by front-runners can be seen as models for other associations yet to develop a strategic approach towards asset management. Lessons can also be learnt across national boundaries, though necessarily mediated by differences between the two housing systems.

As more or less general trends, Czischke and Gruis (2007) recognise an increasing application of business principles within social-housing management, as well as a broadening of services provided by social-housing organisations. These trends can be related to developments in housing policy and society. In the past decades, housing policies in many European countries, as part of wider neoliberal policies, have been characterised by a shift away from government control and towards reinforcement of market principles (eg Boelhouwer, 1999; Priemus and Dieleman, 2002). According to Czischke and Gruis (2007) the resulting implementation of business principles within social-housing providers has taken place in two different shapes which can, but do not necessarily have to, coincide. One shape is the increasing application of businesslike approaches to promote efficiency and upward accountabilityöthat is, performance management. Within this shape, business principles are implemented to manage the operations without actually changing the traditional (social) objectives of the organisations. This managerial' approach can be associated with the more general implementation of thè new public management' paradigm in social policy (

The size of the Dutch social housing sector, with a 32 per cent share of the housing stock, has prompted concerns over the 'level playing field' of competition between social and commercial housing providers. In 2007, this concern culminated in a complaint from the Dutch Association of Institutional Investors (IVBN) to the European Commission, with particular reference to the distorting effects of state aid to housing associations. In December 2009 the European Commission published its decision about the conditions for state aid to Dutch housing associations. The Commission agrees with the proposal of the Dutch government that housing associations allocate at least 90 per cent of their social rental dwellings to households with an income of less than EUR 33,000, if they want to remain eligible for state aid for these activities. Furthermore, housing associations may invest in real estate for public purposes. With its decision, the Commission ends a long period of uncertainty and contributes to creating a level playing field on the Dutch housing market. Nevertheless, the Commission's decision also hampers policies to increase tenure diversification and social mix in Dutch neighbourhoods.Housing associations, social housing, state aid, European Commission, the Netherlands,