David Orr, Chief Executive of the National Housing Association, was speaking at the Affordable Housing Conference where he addressed the audience on the future of shared ownership.

The government has set aside £4bn to help housing associations build 135,000 shared ownership homes over the next four years, but David pointed out that since launching shared ownership schemes around 30 years ago, only 270,000 shared ownership homes had been built.

“It’s a hell of a challenge.

“I have argued for years that we should see a significant growth in the number of shared ownership homes, so I am delighted that the government has decided to set aside in excess of £4bn to help you to build and deliver 135,000 new homes for shared ownership.”

David asked the audience, which consisted mainly of delegates from housing associations, whether the target could be met, but just four people raised their hands.

“It is a big challenge and it’s really important that the government understands that the opportunity they have given us also comes with a challenge,” David added.

David did believe one of the challenges housing associations regularly faced in access to finance would become easier as shared ownership became more popular.

“The availability of mortgage finance will become more available.

“I am absolutely certain of this, it will become more available as the product becomes more mainstream, the more you do of something the more the banks are likely to invest in it.

“They want a product that looks ordinary and for many of them shared ownership has been ‘other’ as they can’t put normal systems in front of it.”

David’s main concern, however, surrounded land and access to it in the right areas and for the right price.

“One of the conundrums we will have to resolve is that there are some places where land is relatively available and relatively inexpensive, but where we are being told that shared ownership as a product might not work.

“Then there are other places where shared ownership as a product has a huge potential, but where land is much sparser and much more expensive.

“We are going to have to think creatively about that and we will have to work with the government on that.”