Legal & General Retirement Agrees to Funnel Another 2 Billion GBP for UK Affordable Housing over Next 5 Years
Posted on 04/08/2022
Legal & General Retirement Institutional agreed to invest a further £2 billion of retirement funds into affordable housing over the next five years, helping to create more than 10,000 new homes in the United Kingdom.
The investment, through Legal & General’s wholly owned subsidiary, Legal & General Affordable Homes (LGAH), will help to tackle the huge shortage of affordable housing that currently exists – 1.2 million households are currently on social housing waiting lists in England. The funding will be used to support further growing demand for homes both for social and affordable rent as well as providing a subsidized route to ownership through shared ownership. In 2020, LGRI made a first £100 million funding commitment to affordable homes. In 2021, a further £270 million was committed to invest into 1,400 new affordable homes across the U.K. to be delivered by 2024.
Earlier, Legal & General and Oxford University had agreed the development of Court Place Gardens, an estate containing new postgraduate homes specifically designed for families, as part of Legal & General and Oxford University’s £4 billion partnership. The plan will deliver 84 much needed postgraduate homes, many of them designed for families. Legal & General entered into a £4 billion partnership with Oxford University in June 2019, creating Oxford University Development (OUD) in order to provide thousands of new homes for staff and students, incubator space and academic facilities. Court Place Gardens is located next to the Norman church at Iffley.
Keywords: Legal & General Group plc.