Legal & General’s modular homes factory in North Yorkshire
Legal & General has been recognised as a registered provider of social housing, which it said would help in its aim to build 3,000 affordable homes per year within the next four years.
Achieving registered provider status for its Affordable Homes arm, launched in April 2018, means the insurer can hold and manage regulated affordable housing assets.
It said the move would allow it to “significantly accelerate” its business plan of developing new homes with a blend of affordable housing tenures.
The insurer, which already owns Cala Homes and a modular housing factory, is investing heavily in the build to rent sector.
Its affordable housing arm, a subsidiary of Legal & General Capital, will target all areas of the affordable housing market, including new-build Section 106 and grant-funded affordable rent, social rent and shared ownership units as it works with local authorities and existing providers to deliver 3,000 homes per year within the next four years.
Simon Century, head of affordable housing at Legal & General Capital said: “Affordable housing has been a classic example of where a lack of new capital has had a big impact on hampering overall provision. Over 1.3 million households are on social waiting lists and the required provision is rising year on year. This is not a sustainable position. We are therefore delighted that the Regulator of Social Housing has registered Legal & General Affordable Homes, enabling us to deliver our business plan and commitment to the sector to make a genuine contribution to increasing supply whilst advancing overall service delivery. We are very much looking forward to getting on with the job and working towards delivering our first sites soon.”
