L&G Affordable Homes has increased its development pipeline to 5,500 homes across the UK as it looks to tackle the implications of poor housing
With a Gross Asset Value of nearly £1bn, L&G Affordable Homes has also increased its team from 5 to 75 employees, with a plan to hire another 20 by the end of the year.
According to research, 7.6 million people in England had at least one major housing problem relating to overcrowding, affordability or poor quality housing going into Covid-19.
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.
1.4 million households remain on the waiting list for affordable homes in the UK.
The affordable housing is part of a 1,800 home scheme, redeveloping the former M&S distribution centre, which is due to hand over in mid-2022.
Other schemes in London include 76 homes in Hounslow, completing in August 2021; 213 affordable rented homes in Wembley; 90 affordable rented homes in Lambeth and 127 affordable rented and shared ownership homes in Tower Hamlets.
Across the rest of the country, Legal & General is bringing forward over 2,200 homes in the South East, 900 homes in the South West and 1,400 homes in the Midlands and the North.
Providing stable and affordable homes
Ben Denton, chief executive, Legal & General Affordable Homes, said: “The pandemic has affected every corner of our lives and had a major impact on what we need from our homes, workplaces and communities.
“In particular, it has brought into even sharper relief the urgent need to provide stable and affordable homes for millions of households on low incomes.
“Since launching two years ago, Legal & General Affordable Homes has grown its development pipeline to 5,500 homes throughout the country to help meet the needs of local communities.
“We remain committed to deploying institutional capital at scale to address one of our greatest societal failings.”
