Affordable Homes, Tackling The Crisis
posted on: 8th April 2022 / category: Uncategorised / posted by: UKDC
Legal & General have made plans to invest over £2bn of funds into affordable UK homes over the next five years.
Our Team at UKDC have estimated that over 140,000 new affordable homes are required and need to be built every year in order to meet the increasing demand. To demonstrate the scale of this task, over the last 12 months only 45,000 were delivered across the UK, a third of what was required.
Legal & General have risen to the challenge and have announced this week that they will invest additional capital to help create more than 10,000 new homes nationwide through their Retirement Institutional business (LGRI).
The investment is being made through the Legal & General’s Affordable Homes business and will help to tackle the shortage of affordable housing that currently exists in England.
LGRI made a first £100m funding commitment to affordable homes in 2020. Last year a further £270m was committed to investing in 1,400 new affordable homes across the UK, to be delivered by 2024.
LGRI are also set to invest a further £2.5bn into the built to rent sector over the next 5 years whilst they are also committed to a sustainable future by pledging that all new affordable homes they deliver will be net zero carbon by 2030.