Legal & General invests £750m into developing new affordable housing

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

The projects would see an increase of its development pipeline to nearly 3,500 homes across 41 schemes.

In line with this, the housing arm of Legal & General Capital has undergone significant expansion over the last year, with the business growing from five to 55 employees.

Its latest appointment, Anette Simpson, has joined the business as director of developments and partnerships. Previously a group planning director at CapCo, Simpson will lead and coordinate the direct delivery of Legal & General’s affordable housing schemes and oversee all aspects of development to legal completion.

With 1.1 million households on waiting lists for affordable homes and the decline in social housing leading to huge increases in government welfare costs, Legal & General says it is committed to ‘leading the evolution of the affordable housing sector’.

Across its growing portfolio, it is set to deliver a mix of social and affordable rental homes, grant-supported shared ownership homes and Section 106 schemes – all as sole ventures and in partnership with best-in-class housing associations.

Legal & General Affordable Homes also welcomed its first residents in October, with move-ins commencing at its Bickland Water Road scheme in Falmouth, Cornwall, managed by housing association, Coastline Housing.

Ben Denton, managing director of Legal & General Affordable Homes, comments: “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. We have made a great start in executing our development programme, which now stands at nearly 3,500 homes all across the country.”

He adds: “As part of our continued expansion, we have put together a capable and experienced leadership team. Anette Simpson is another key hire, helping us to drive forward our pioneering Institutional Registered Provider model. It was also a delight to welcome our first residents this month.”