L&G adds to affordable homes portfolio

affordable housingLegal & General (L&G) has committed £750 million to affordable housing projects throughout the UK.

As its affordable homes business continues to grow – from five to 55 employees over the last year – L&G has hired Anette Simpson to join the business as director of developments and partnerships.

Simpson will coordinate the delivery of the company’s affordable housing schemes and oversee all aspects of development through to legal completion.

Ben Denton, managing director of L&G Affordable Homes, said: “There is an urgent need to innovate new ways to provide stable homes for the millions of households on waiting lists.”

According to the financial services firm, the UK contends with an ongoing housing crisis. Over a million households in the country remain on waiting lists for affordable homes, whilst a third of low-income earners have had to borrow money to pay their rent.

The steep decline in social housing has led to huge increases in government welfare costs, as well as rising homelessness, the company said in a statement.

In June, L&G secured four housing schemes consisting of 278 properties in the UK. In 2017 L&G welcomed its first residents to a build-to-rent scheme with investment from Dutch pension scheme PGGM, offering a lifestyle that renters “would not otherwise have access to”. 

Funds Europe recently asked industry professionals if property firms have a social obligation ahead of the MIPIM UK real estate summit. Find out what they said here.

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