Affordable homes launched by L&G

Legal & General has launched its first affordable homes under its Affordable Homes division.

The first four developments consist of 278 new homes in Croydon, Cornwall, Dunstable and Shrivenham where L&G will deliver social and affordable rental homes, grant-supported shared ownership homes and section 106 schemes.

3,000 affordable homes are planned to be delivered annually within the next four years with a further pipeline of more than 40 sites being secured across the UK to provide 1,500 affordable homes over the next 24 months. L&G Affordable Homes intends to develop, hold and manage a “blend” of affordable housing tenures

It will firstly complete its homes in Leon House, Croydon, comprising 50 shared ownership apartments.

The second scheme in Cornwall involves a joint venture with Coastline Housing to produce 44 affordable homes across two building phases. L&G said “a stated aim” for the business was to “scale up the output of affordable housing through collaboration with best-in-class housing associations and local authorities”.

Schemes in Dunstable and Shrivenham will be delivered under s016 agreements. Phoenix Park, Dunstable, will feature 23 shared ownership apartments, whilst the Shrivenham scheme – acquired from L&G’s housebuilding arm Legal & General Homes – will deliver 109 affordable rent homes and 52 shared ownership units.

Ben Denton, Legal & General Affordable Homes’ md, said: “There is an urgent need to accelerate the delivery of new affordable homes.

“We have made a great start in executing our development programme, alongside building our customer service platforms. We remain committed to offering a choice of tenures to our future residents, deploying institutional capital at scale and pioneering new partnership models, such as the one we have set up with Coastline.”