Legal & General, a leading insurance and pensions group investing in affordable housing, warns that it could take over a decade to address the UK’s housing crisis at the current construction rate. To tackle this issue, L&G has partnered with the Greater Manchester Pension Fund to increase funding for low-cost homes, with GMPF investing £120m in L&G’s affordable housing fund.
The fund aims to finance 750 new affordable homes in various areas, including West Sussex and Cornwall, offering rentals below market rate or shared ownership options. L&G plans to raise more funds by year-end to support additional housing projects, particularly in the north.
The housing shortage dates back decades, leading to a significant demand for affordable homes across the UK. L&G’s commitment to affordable housing aligns with the government’s goal of constructing 1.5m homes in the next five years. By leveraging pension fund investments, L&G aims to build a £4bn affordable housing portfolio by 2028.
Despite challenges like regulatory changes and increased costs, L&G remains dedicated to addressing the housing crisis and promoting inclusive capitalism through sustainable housing solutions.
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