Those working in the housing association sector must be efficient in their operations in order to avoid the strains being currently felt in the wider financial markets, it has been reported.

Speaking at a conference in Harrogate held by the Chartered Institute of Housing, Peter Marsh - deputy chief executive of the Housing Corporation - claimed it is important for housing associations to take steps to ensure they are able to outride the impact of the credit crunch.

In his speech, he stated that it is crucial for housing associations to have product diversification policies in place.

He said: "The single most significant variable in housing association 30-year business plans is not interest rates or sale but operating cost inflation."

Mr Marsh went on to report that boosting the efficiency levels of existing properties could be the "most appropriate response" for those with housing association jobs to tackle the financial constraints that implementing new build strategies would entail.

Earlier this week, the New Local Government Network reported that as the credit crunch impacts upon homeowners, those with housing jobs should provide increased levels of financial support.

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