Legal & General Affordable Homes has increased its development pipeline to 5,500 homes across the UK, with a gross asset value of nearly £1bn ($1.4bn).
It has secured 1,000 new homes in London, 2,200 in the South East, 900 in the South West and 1,400 in the Midlands and the north of England. Some are under construction, while others come from partnerships with other developers and have already been built.
“Although there was a slowdown and some construction did stop on site during the first lockdown, we ended up meeting our targets,” a spokesperson told Insurance Asset Risk, adding that when the insurer’s Affordable Homes business was set up two years ago, it had the aim to deliver 3,000 homes per year by 2023.