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| Legal & General agrees tie-up to build 3,500 affordable homes | |
| (32 minutes later) | |
| UK insurer to work with 14 housing associations in attempt to ease property crisis | |
| The UK insurer Legal & General has teamed up with 14 housing associations to build 3,000 affordable homes annually, as official figures show a 22% rise in the number of affordable homes delivered in England in the past year. | The UK insurer Legal & General has teamed up with 14 housing associations to build 3,000 affordable homes annually, as official figures show a 22% rise in the number of affordable homes delivered in England in the past year. |
| The insurance and pensions firm set up an affordable housing business in April 2018 and has built up a pipeline of 3,500 homes to be constructed over several years. | The insurance and pensions firm set up an affordable housing business in April 2018 and has built up a pipeline of 3,500 homes to be constructed over several years. |
| It aims to achieve its 3,000-a-year target across the UK within four years. It has become a key player in the housebuilding sector in recent years, in particular in build-to-rent, as renting becomes more common. | It aims to achieve its 3,000-a-year target across the UK within four years. It has become a key player in the housebuilding sector in recent years, in particular in build-to-rent, as renting becomes more common. |
| So far the firm has completed two affordable housing projects. Residents have started to move into one- and two-bedroom apartments at Leon House in Croydon, a former office building, and into two- and four-bedroom houses in Falmouth in Cornwall. About 60% of them are shared ownership – prices for 25% shared ownership at Leon House start at £76,250 – and the rest are affordable rents. | |
| Stonewater, a not-for-profit social housing provider, will be L&G’s largest management partner among the 14 housing groups, which also include Pinnacle, Great Places, Accord and Optivo. Stonewater is to take over the management of 1,000 homes built by L&G in the coming months in Worcestershire, Warwickshire, Leicestershire, Hertfordshire and Central Bedfordshire. | Stonewater, a not-for-profit social housing provider, will be L&G’s largest management partner among the 14 housing groups, which also include Pinnacle, Great Places, Accord and Optivo. Stonewater is to take over the management of 1,000 homes built by L&G in the coming months in Worcestershire, Warwickshire, Leicestershire, Hertfordshire and Central Bedfordshire. |
| The news came as the Ministry of Housing, Communities and Local Government said 57,485 affordable homes were delivered in England in the year to March, up 22% from the year before. The proportion of rental homes (including social, affordable and subsidised rent) has declined steadily, to two-thirds from 78% in 2014-15. A further 61,056 affordable homes were started in 2018-19, a 10% increase on the previous year. | The news came as the Ministry of Housing, Communities and Local Government said 57,485 affordable homes were delivered in England in the year to March, up 22% from the year before. The proportion of rental homes (including social, affordable and subsidised rent) has declined steadily, to two-thirds from 78% in 2014-15. A further 61,056 affordable homes were started in 2018-19, a 10% increase on the previous year. |
| However, at least 3m new social homes are needed in the next 20 years – more than were built in the two decades after the end of the second world war – according to a report by a cross-party housing commission in January. | However, at least 3m new social homes are needed in the next 20 years – more than were built in the two decades after the end of the second world war – according to a report by a cross-party housing commission in January. |
| Housing associations are building fewer than 6,000 social homes a year, according to the National Housing Federation, even though more than a million families are registered on the waiting list. | Housing associations are building fewer than 6,000 social homes a year, according to the National Housing Federation, even though more than a million families are registered on the waiting list. |
| One way of speeding up housebuilding is to manufacture homes in factories. L&G opened a modular housing factory in Leeds two years ago to ramp up housebuilding. | One way of speeding up housebuilding is to manufacture homes in factories. L&G opened a modular housing factory in Leeds two years ago to ramp up housebuilding. |
| The plant turns out thousands of prefab houses and flats a year and delivers them as finished “turn-key” homes on site within one to two weeks, depending on the size. | The plant turns out thousands of prefab houses and flats a year and delivers them as finished “turn-key” homes on site within one to two weeks, depending on the size. |