Legal & General has vowed to build 10,000 houses a year along with 5,200 build-to-rent (BTR) homes to tackle the UK’s housing shortage.

The insurance group says the ambitious target will be made up of more than 3,000 traditional build-to-sell homes, up to 3,000 affordable and modular homes and 1,000 suburban rental homes.

As well as the BTR homes in its pipeline, L&G will also build 5,100 later living homes in a joint venture with NatWest Group Pension Fund.

While announcing profits after tax of £2,050m, up 28% in 2021, it promised that all its new homes would be operationally carbon emission-free from 2030.

First foray

The insurance group made its first foray into the PRS in 2015 after acquiring a £25m regeneration site in north London, building 300 PRS flats in Walthamstow.

It now has 17 BTR schemes planned or in operation around the UK, delivering 5,000 homes. L&G set up its suburban build-to-rent housing arm in 2020, with plans to partner with UK housebuilders to create 1,000 homes each year from 2024, creating family homes in areas connected to schools, transport infrastructure and key amenities. 

Its specialist commercial real estate portfolio includes capital-light urban regeneration, digital infrastructure and science and technology-focused real estate.

Partnering with universities, local authorities and private sector companies, it has invested across 19 UK towns and cities.

Read more about the fast-expanding build to rent market.

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