Update 12.40am: The chief executive of Nama has said that there is an issue with developers hoarding land waiting for a better return.

Brendan McDonagh’s told the Housing and Homlessness Committee that since the start of 2014, they have sold land that could provide up to 20,000 units – but just 5% of that has so far been delivered.

He said that while there are a number of issues around planning and the density of housing, he believes owners and developers are waiting for a better return.

“One of the biggest issues, and I know the Committee has discussed this, looking at your transcripts, really is that there is an issue with people buying land, effectively looking for a higher rate of return.

“That has to be a big feature in my view.”

Earlier: The chairman of Nama has said anyone who thinks that the agency can solve the housing crisis alone is mistaken.

Frank Daly told the Housing and Homelessness committee today that 88% of its housing stock has been sold to individuals and not vulture funds.

He also warned that the vast majority of the 6,000 housing units in Nama’s portfolio are already occupied.

Mr Daly said that Nama’s plan to deliver 20,000 units by 2020, will only be one part of the solution.

“Any analysis that claims that we can deliver all the homes that people need is mistaken,” he said.

“That 20,000 represents about one fifth of the estimated 100,000 units demanded between now and 2020.

“So other players will have to make a contribution. We want to get more people into more homes, and we’ve every confidence that we will do so.”