Legal & General Affordable Homes has increased its development pipeline to 5,500 homes across the UK, with a Gross Asset Value of nearly €1.2bn (£1bn). As it looks to tackle the major health and wellbeing implications of poor housing, highlighted by the pandemic, Legal & General Affordable Homes has also increased its team from 5 to 75 employees, with a plan to hire another 20 by the end of the year.
According to research, 7.6 million people in England had at least one major housing problem relating to overcrowding, affordability or poor quality housing going into COVID-19. Compounded by the pandemic, one in three low-income earners have had to borrow money to pay their rent and the steep decline in social housing has led to huge increases in government welfare costs, as well as rising homelessness. 1.4 million households remain on the waiting list for affordable homes in the UK.
Ben Denton, Chief Executive, Legal & General Affordable Homes, said: “The pandemic has affected every corner of our lives and had a major impact on what we need from our homes, workplaces and communities. In particular, it has brought into even sharper relief the urgent need to provide stable and affordable homes for millions of households on low incomes. Since launching two years ago, Legal & General Affordable Homes has grown its development pipeline to 5,500 homes throughout the country to help meet the needs of local communities. We remain committed to deploying institutional capital at scale to address one of our greatest societal failings.”