L&G invests €870 mln in UK affordable housing drive

Legal & General Affordable Homes has committed £750 mln (€870 mln) to new affordable housing projects throughout the UK, increasing its development pipeline to nearly 3,500 homes across 41 schemes.

The housing drive forms part of an ambitious expansion strategy, which has seen the business grow from five to fifty five employees in the last year, L&G said. This includes the new appointment of Anette Simpson as director of developments and partnerships.

Previously group planning director at CapCo, Simpson will lead and coordinate the direct delivery of Legal & General’s affordable housing schemes, according to the insurance giant, and oversee all aspects of development to legal completion.

'There is an urgent need to innovate new ways to provide stable homes for the millions of households on waiting lists,' said Ben Denton, managing director, Legal & General Affordable Homes.

'Legal & General remains committed to deploying institutional capital at scale into this sector, to deliver the volumes of social housing which society desperately needs,' Denton added. 'We have made a great start in executing our development programme, which now stands at nearly 3,500 homes all across the country.'

Legal & General Affordable Homes’ said it 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.

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