CIH Brighton: Why joint ventures remain critical to housing delivery
As the sector prepares to come together at the CIH Housing Brighton conference on 6–7 May, the conversation around how we deliver housing at scale has never been more important.
Across the UK, organisations are navigating a more complex landscape than ever before. Viability pressures, funding constraints and delivery risk are no longer emerging challenges, they are embedded realities. Against this backdrop, joint ventures have moved from being a useful model to an essential one.
Back in 2018, I explored whether joint ventures were truly greater than the sum of their parts. Today, that question has evolved. It is no longer about whether they have a role to play, but how effectively they can be structured to meet the scale and complexity of modern housing delivery.
An evolving risk profile
The operating environment has shifted significantly in recent years. Brexit, the pandemic, sustained build cost inflation and a higher interest rate environment have all had a lasting impact. Alongside this, regulatory requirements have tightened, building safety has rightly taken centre stage, and ESG considerations are now embedded in funding decisions. At the same time, the for-sale market has become more cautious, while institutional investment in build-to-rent continues to grow.
These factors have fundamentally changed the risk profile of development. Few organisations can now comfortably manage land, planning, funding and delivery risk alone, particularly at scale. Joint ventures enable risk to be shared, unlock access to multiple funding streams and support more resilient, blended tenure models. Just as importantly, they bring together complementary strengths, aligning long-term stewardship with development and delivery expertise.
What has also changed is the maturity of the model itself. The most successful joint ventures today are not simply transactional arrangements. They are built on clear strategic alignment, shared objectives and a commitment to collaboration over the long term. This is evidenced by the landmark partnership between Hyde and Legal & General, which aims to deliver 2,000 new affordable homes. This deal is a prime example of how institutional capital can be married with the management expertise of a housing association to provide long-term, sustainable funding at scale.
Alignment, however, remains the central challenge. As noted at the recent Build More Homes & New Towns Summit, the industry does not lack ambition or capital – it faces an execution gap. With £5m a day being spent on temporary accommodation in London alone, the pressure to move from "intent" to "delivery" is immense. Public and private partners bring different priorities, from return expectations and delivery timelines to long-term stewardship and social value. This diversity is valuable, but only when it is actively managed.
Bridging this gap requires overcoming "procurement friction" and navigating regulatory timescales that often slow down even the most well-funded projects. Public sector organisations are increasingly seeking a more active role, shaping outcomes rather than simply contributing land. This requires earlier engagement, greater clarity around objectives and non-negotiables, and a more collaborative approach throughout the lifecycle of a project.
At the same time, private sector partners are bringing increased sophistication in delivery, funding and risk management, but often require governance structures that allow for timely decision-making. Striking the right balance between accountability and agility is critical, with delegated authority playing an increasingly important role in enabling partnerships to move at pace.
Joint ventures in the regen space
We are also seeing joint ventures unlock opportunities beyond new build. Regeneration, retrofit and asset optimisation programmes are becoming a greater focus, often involving complex, long-term investment. In these scenarios, joint ventures provide a framework to share both risk and reward, enabling outcomes that would be difficult to achieve independently.
They are not a solution for every project. Scale remains important, with many successful joint ventures focused on schemes of 400 to 500 homes or more. However, within this space, the model is now more established, better understood and more refined than ever.
There is also greater recognition of the importance of culture and social value. These are no longer secondary considerations, they are central to partner selection and to how success is defined over the life of a project.
A space to collaborate
As the industry gathers in Brighton, the focus will rightly be on how we continue to deliver in a challenging environment. Joint ventures will be a key part of that conversation.
Because the reality is clear. Collaboration and partnership is no longer optional, it is essential. Targets matter, but as the recent industry dialogue suggests, it is viability, stewardship, and the strength of the partnership itself that will decide whether the sector actually delivers.
If we can align public purpose with private discipline, combine long-term capital with delivery expertise, and create governance structures that support both accountability and agility, joint ventures can continue to deliver what they have always promised: outcomes that are greater than the sum of their parts.
If you would like to discuss your residential or development requirements, contact us today.
