Sir Michael Lyons is Non-Executive Chairman of ECF, he also chaired the New Towns Taskforce.

Viability is no longer a challenge for some areas, it is now a pressure being felt across the country, even in places with the stronger market demand, driven by construction costs, affordability constraints and tougher capital conditions.

Recent housing supply figures point to improving momentum, with new build starts up 18% in the year to September 2025.

That is welcome, however it would be a mistake to assume the problem has been solved.

Fundamentally, too many developments still do not stack up, and too many places remain stuck with slowed or stalled delivery.

This is not a short-term dip, it is a structural challenge both Government and the industry now has to address.

If recent years have shown anything, it is that the market cannot always deliver regeneration on its own.

Where viability is challenged, regeneration needs more than optimism. It needs delivery structures, supported by aligned public and private investment, that can bridge the gap between public ambition and private delivery, particularly where the alternative is no progress at all.

That is where long-term joint venture partnerships continue to matter. As Chair of ECF, and as the partnership marks its 25th anniversary, I have seen how this model performs across market cycles and periods of political change.

The value of partnership is not simply financial. It lies in the ability to take a long-term view, remain credible when conditions shift and sustain momentum when others step back.

Too often, partnerships are reduced to contractual arrangements but those that succeed operate as genuine partnerships, built on shared purpose, shared risk and a long-term commitment to placemaking.

That commitment matters to local authorities and communities, who want confidence that partners will remain involved through delivery rather than stepping away once a phase is complete.

Credibility also matters for planning. Planning is rarely quick, but where partners are trusted and there is confidence in delivery capability and long-term intent, outcomes tend to be clearer and more predictable. Winning local support and confidence is worth investing in. There will be challenges along the way but trust and shared endeavour provide a strong foundation to maintain momentum over long programmes.

Scale and time are central to improving viability. Large, area-wide regeneration allows places to be planned and phased sensibly, rather than forced to deliver everything at once.

Different parts of a programme can move forward under different market conditions, balancing homes for sale with homes to rent, and allowing capital to be recycled earlier. That flexibility is increasingly important in today’s environment.

The joint venture model itself must continue to evolve.

Build-to-rent is no longer a secondary option and in many places it is becoming a core delivery route, providing stability when sales markets are constrained.

More broadly, tenure flexibility and realistic assumptions about risk are essential if regeneration is to remain investable.

Established joint venture vehicles can offer a clearer return on public support than one-way grant funding. Where government investment is aligned with long-term partnership, it can unlock delivery that would otherwise stall, while generating lasting economic and social value. In an era of constrained public finances, that distinction matters.

All of this sits against a difficult backdrop with political change, local authority capacity, devolution and construction industry constraints reshaping delivery.

In that context, maintaining demand and a stable pipeline becomes critical. Simply put, without continuity, the supply chain cannot invest or grow.

Partnerships are not a silver bullet. They do not remove the need for difficult decisions or honest conversations about what can be delivered.

But at a time when viability is under pressure almost everywhere, they remain one of the most effective ways to keep regeneration moving and to deliver at scale when the market cannot do it alone.