Earlier today we revealed that Legal & General would be pouring some
£35 million into a redevelopment project in York and now more news has broken about the insurance giant’s building plans.
This time it has come to light that the UK-based insurer intends to become a significant player within the home building segment after enjoying some encouragement as part of the recent Autumn Budget.
According to the firm’s CEO, Nigel Wilson, as quoted by
The Negotiator, proposals to incentivise the construction of 30,000 homes every year by the mid-2020s have given the insurer something of a green light.
“Legal & General will therefore accelerate our roll-out of housing and associated infrastructure including on larger sites where we can create whole new communities,” he said, as quoted by the publication.
Reportedly the plans will see the company build 70,000 homes across the UK during the next five- to 10 years. The move also coincides with its decision to begin construction on a site in Berkshire that was previously within Army barracks – Legal & General has acquired 272 acres and will build 1,500 homes. It also has another large-scale project in Berkshire at Buckler’s Park, near Crowthorne, which boasts a 1,000 home development.
“We have a chronic housing shortage in the UK and speeding up the delivery of new supply is key to tackling this crisis,” James Lidgate, CEO of Legal & General Homes, told
The Negotiator.
“Adopting a multi-tenure approach means that we can create homes in a much shorter timescale as well as supporting people throughout their different life stages.”
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