The UK has a huge shortfall of affordable homes and there are currently around 1.2 million households on the waiting list for these properties. Legal & General (L&G) is at the forefront of a quiet revolution that aims to tackle the problem by using the money we all pay into our pensions to invest in this essential housing.
Our affordable homes business was launched in 2018 and last year we sold or let more than 600 properties across the country, but we want to do much more. We aim to deliver around 3,000 homes a year by 2023 and offer levels of service and environmental sustainability that are unheard of in the affordable sector.
By investing pension money into such properties, thousands more people will be able to enjoy a home of their own and we can generate long-term, index-linked returns for pensions, which is exactly what we all need when we retire, explains Ben Denton, Chief Executive of Legal & General Affordable Homes.