Where proposals are under consideration for the sale of  a material number of social housing units to purchasers outside the sector, consideration is given to the impact on the organisation's reputation of such a sale, including the view of the regulator.  This takes into account that, while the regulator is concerned about associations using stock disposals reactively due to unforeseen costs or failing to maintain sufficient headroom against loan covenants, it would not be expected to have any objection to a strategic programme of disposals that can demonstrate benefits for both new and existing tenants.  The proposal will consider how effective communication might reduce any negative reputational impact.  The final decision will be reserved for the board.