Financial services giant Legal & General is to spend another £750 million on new affordable housing projects across the UK.
The company will fund almost 3,500 homes involving 41 separate schemes through its Affordable Homes wing.
In the last year, Legal & General Affordable Homes has expanded from five to 55 employees dedicated to delivering more homes to those struggling to get on the housing ladder around the country.
Mix of affordable and social rental homes
This month the first residents moved into a completed Legal & General scheme in Falmouth, Cornwall. Coastline Housing, a Cornish-based housing association, manages the Bickland Water Road project on behalf of L&G.
Through its Affordable Homes arm, L&G aims to deliver a mix of social and affordable rental homes and shared ownership properties. L&G participates in both sole ventures and with housing associations.
Urgent need for homes
Ben Denton, manging 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 that society desperately needs.
“We have made a great start in executing our development programme. And it now stands at nearly 3,500 homes all across the country.”