This paper has two aims: to provide a critical commentary on the value of neoliberalism in explaining contemporary housing policy and to critically examine recent practices that have been shaped by ideas most commonly associated with neoliberalism. It begins by distinguishing different interpretative variants of neoliberalism and some of the criticisms regarding its explanatory capability. Taking the example of housing associations in England, the paper makes use of Dardot and Laval’s notion of ‘entrepreneurial governmentality’ to interpret how contemporary welfare professionals attempt to reconcile the competing tensions of individualism and egalitarianism in practice. Amongst the arguments put forward is that the extension of commercialism, commodification and competition have generated new fissures and dissonance within the sector. The conclusion suggests that contemporary variants of neoliberalism are best understood as a rationality that establishes entrepreneurial governmentality across sectors of government, the economy and social life.