ao link
Twitter
Facebook
Linked In
Twitter
Facebook
Linked In

You are viewing 1 of your 1 free articles

Insurance giant registers as a provider of social housing

Legal & General (L&G) has registered its affordable housing subsidiary as a provider of social housing, it announced today.

Linked InTwitterFacebookeCard
Picture: Getty
Picture: Getty
Sharelines

Legal & General (L&G) has registered its affordable housing subsidiary as a provider of social housing #ukhousing

The institutional investor, which announced its for-profit registered provider in April, completed its registration with the Regulator of Social Housing today.

It said it can now “significantly accelerate” its business plan to develop, hold and manage various kinds of affordable housing.

Legal & General Affordable Homes, as the registered provider is called, plans to eventually deliver 3,000 homes a year, a figure that would make it the biggest builder in the social housing sector.


READ MORE

L&G association to be largest for-profit in the sectorL&G association to be largest for-profit in the sector
L&G hires Sovereign’s development director to head up affordable housing armL&G hires Sovereign’s development director to head up affordable housing arm
L&G to pick panels of housing associations to manage stockL&G to pick panels of housing associations to manage stock

It is currently in the process of choosing panels of housing associations for the five different regions it plans to operate in, as Inside Housing reported in October.

Each panel will have “three or four” housing associations on it, which will manage the homes under management contracts with L&G.

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.”

L&G’s registration follows a recent trend that has seen a sharp increase in the number of for-profit providers of social housing and their influence over the sector.

The number of homes owned by for-profits increased by 149% in 2017/18 – by more homes than they had in all previous years combined, according to this year’s Statistical Data Return, published by the regulator.

In July, Residential Secure Income became the first publicly listed investment fund to register a provider of social housing.

Linked InTwitterFacebookeCard
Add New Comment
You must be logged in to comment.