Legal & General's £750m investment to help ease the housing crisis

Legal & General has made a  commitment to developing a range of affordable housing schemes.
Legal & General has made a commitment to developing a range of affordable housing schemes.
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Legal & General Affordable Homes is investing £750m into projects across the UK which aim to ease the housing crisis.

The company, which has an office in Barnsley, revealed that it had increased its development pipeline to nearly 3,500 homes, across 41 schemes.

A spokesman said: “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 55 employees.”

Legal & General Affordable Homes has also hired Anette Simpson, as director of developments and partnerships. She was previously group planning director at CapCo.

Ms Simpson will lead and coordinate the direct delivery of Legal & General’s affordable housing schemes and oversee all aspects of development to legal completion.

The spokesman added: “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.”

The spokesman added: “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.”

Legal & General Affordable Homes’ also welcomed its first residents in October who moved in at its Bickland Water Road scheme in Falmouth, Cornwall, which is managed by the housing association, Coastline Housing.

Ben Denton, the managing 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 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.

“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.”

Legal & General Affordable Homes forms a subsidiary of Legal & General Capital, which invests capital into sectors where there has been a shortage of investment and innovation, focusing on growth opportunities and scale-ups.

Many policymakers are concerned about the lack of affordable housing in large parts of Britain.

Since 2011, the amount of social housing built in rural areas has decreased by 83 per cent, according to research from the IPPR think- tank.

The UK needs between 90,000 and 100,000 new social rent homes per year to help ease the crisis, according to analysts.