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But as usual, this silver lining hides a big cloud. The grant rate this year is actually of much less consequence than in the past. Predicting what will come out of the bidding round is very difficult if not impossible because what matters much more is rent restructuring.

To recap, restructuring is the 10 year plan to equalise rents across the social housing sector. Its aim is to ensure that housing associations and local authorities charge similar and affordable rents, and to combat the position in some areas where high rents are leading to surpluses of housing and rising voids.

It all sounds eminently sensible, but the consequences are such that it could drive a coach and horses through the government's regeneration policy.

Take a typical association in the Midlands or North. The chances are that its rents will have to fall in real terms by up to 10%. In the past it may well have subsidised each new home by £5000 or more from reserves and surpluses. Now it will not have the headroom, as reducing income eliminates those reserves and surpluses.

It won't stop associations developing entirely, because there will always be opportunities in "better" areas where property values are high, allowing higher rents to be charged.

We began to see the effects last year when places like Harrogate gained much higher allocations than expected. Some of this was put down to the fact that several northern authorities called a halt to new development as they rethought their housing strategies.

But privately associations are saying that investment in the worst areas, where rents are low and property values depressed, is not on.

As Bill Payne of Yorkshire Community says, associations will simply be unable to make promises to local strategic partnerships on regeneration. In his case he would need a grant rate of at least 73% to make it work.

Nor is it simply a north-south divide. Many parts of the South East will see rents fall under restructuring. Only in London are rents likely to rise. Here, many associations are concerned about the impact on their tenants, in an area where affordability and availability are serious issues.

Confused? So am I. One chief executive told me that he was waiting for someone to tell him that he was stupid to be concerned. I understand the feeling.

Some believe that rent restructuring will eventually be dropped. Policy in housing changes so frequently, and the market has a knack of disrupting the best laid plans.

Is the price right?
And by the way, affordability is the issue at the heart of rent restructuring.

In the dog days of August with news at a premium, the National Housing Federation managed to gain front page headlines with its house price research which revealed that in more than half the English counties, buyers need an income of more than £30 000 to buy an average priced house. In all but four boroughs in London, buyers need incomes of £40 000 plus.

The research indicates that, nationally, 70% of households have incomes below that £30 000 level.

My worry is with that "average" figure. Few first time buyers or lower income earners will be buying such homes. Unfortunately, the Land Registry figures on which the research was based does not break the prices down.

To get a more accurate picture you need to go to the Halifax house price statistics. These show that first time buyer prices range from 66% of the average house price in East Midlands to 75% in London, suggesting income requirements of about £20 000 nationally to £30 000 and the capital. For comparison, the average national income is £25 000, while in London it is £30 000.

The Halifax also publishes its own "affordability" figures which show initial mortgage repayments against incomes.

In London the figure is 22%, just above the average for the past eight years and well below the 41% peak in 1990. This suggests that for most people affordability is not a serious problem – it was always like this – though the Halifax did warn that buyers are finding it difficult to get a foothold on the housing ladder, which is expected to constrain prices in coming months.

What we really need are detailed figures to show the real extent of shortage of accommodation, and a rather bigger scheme than the Housing Corporation's long delayed key worker initiative.