£750 million commitment made to new affordable homes in the UK
Legal & General Affordable Homes has announced that it has committed £750 million to new affordable housing projects throughout the UK, increasing its development pipeline to nearly 3,500 homes, across 41 schemes.
It has undergone significant expansion over the last year as it strives to become the UK’s leading Institutional Registered Provider (IRP), with the business growing from five to 55 employees.
It says that the comes at a time when the UK continues to suffer a growing crisis as 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 the steep decline in social housing has led to huge increases in government welfare costs, as well as rising homelessness.
Legal & General says that it remains committed to leading the evolution of the affordable housing sector, raising service standards and deploying long term institutional capital to increase provision.
Across its growing portfolio, it is delivering a mix of social and affordable rental homes, grant-supported shared ownership homes and Section 106 schemes; as sole ventures and in partnership with best in class housing associations.
‘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,’ said Ben Denton, managing director of Legal & General Affordable Homes.
‘We have made a great start in executing our development programme, which now stands at nearly 3,500 homes all across the country,’ he added.