Legal & General plans to develop 3,500 affordable homes

Legal & General Affordable Homes has committed £750m to new affordable housing projects throughout the UK. 

Legal & General is a British financial services company with products and services that include investment management, lifetime mortgages, pensions and insurance.

In 2018, the company announced that they would be moving into the housing sector and in December 2018 they were granted Registered Provider (RP) status.

They have announced today (October 21) that they are committing £750m to new affordable housing projects throughout the UK, increasing its development plans to almost 3,500 homes.

According to Legal & General, 1.1 million households remain on waiting lists for affordable homes, one in three low-income earners have had to borrow money to pay their rent, and there is a steep decline in social housing whilst also a rising homelessness problem.

Legal & General has said that they are committed to leading the evolution of the affordable housing sector, by delivering a mix of social and affordable rental homes.

Legal & General Affordable Homes has undergone expansion over the last year with plans to become the UK’s leading housing association.

In August this year, they announced investment plans of £95m over the next four years to the largest social housing provider in Newport, Wales and in April 2019 they committed a £44.6m investment into housing for homeless families with the goal being to provide 167 homes for families on waiting lists in Croydon.

Ben Denton, managing director of Legal & General Affordable Homes said: ‘There is an urgent need to innovate new ways to provide stable homes for the millions of households on waiting lists.’

‘Legal & General remains committed to deploying institutional capital at scale into this sector, to deliver the volumes of social housing which society desperately needs.’

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