London First chief executive Baroness Jo Valentine today warned that developers can no longer be relied upon to make huge contributions to public sector funds.

Speaking at a MIPIM seminar, 'Public and private sector - a new approach to delivery' Baroness Valentine said: 'Developers can no longer offer a bottomless lucky dip.

Argent joint chief executive David Partridge called for both the public and private sector to contribute to schemes'.

Communities & Local Government director for regions and communities Joe Montgomery agreed that a new partnership is needed.

He also confirmed that the government's Homes and Communities Agency is in detailed talks with institutional investors over them playing a part in solving the UK's housing crisis.

The seminar was organised by law firm Davies Arnold Cooper and chaired by Property Week editor Giles Barrie.