By 2008, ownership transfers of former council housing had been proceeding for 20 years. Since 1997, the process has encompassed many larger urban local authorities, with housing departments which could have been fairly characterised as monolithic, producer-oriented bureaucracies. Drawing on new research evidence from England, Scotland and Wales, this paper considers the extent to which these ‘second generation’ transfers have delivered against policy objectives to reform the governance and organisational culture of social housing. The empirical evidence suggests that second generation transfers have provided a substantial stimulus to tenant involvement and to the development of more consumer-focused, inclusive and commercially minded organisations. However, ministerial aspirations for transfer as a vehicle for community empowerment have not always been realised. And, to the extent that they have triggered beneficial change in governance and organisational culture, questions remain about the durability of such gains.