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

Legal & General Affordable Homes announces that it has committed £750m to new affordable housing projects throughout the UK, increasing its development pipeline to nearly 3,500 homes, across 41 schemes. Legal & General Affordable Homes 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 fifty five employees.

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 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.