Property

L&G announce £750m boost to new affordable housing projects in the UK

Warren Lewis
|
22nd October 2019
new cash

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

As the firm undergoes significant expansion, its latest appointment, Anette Simpson, has joined the business 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 and oversee all aspects of development to legal completion.

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.

Ben Denton, Managing Director, Legal & General Affordable Homes, says: “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.”

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