L&G to offer rental homes on later-living developments

Legal & General has announced it is throwing open the doors on its Inspired Villages later-living developments to those potential residents who wish to rent a home rather than buy one.

L&G plans to build 50 Inspired Villages schemes across the UK in the next five to 10 years, appealing to more independently-minded over-65s.

The investment giant launched the business in 2017 and currently has eight sites, including Leeds Village in Kent (pictured), six of which are operational, while a further 16 are in various stages of development.

Four sites will offer rented accommodation – Cheshire, Exeter, Warwickshire and West Sussex – starting at £850 a month including services charges.

A spokesperson for L&G said between 5% and 10% of an Inspired Villages community would be set aside for residents who wanted to rent, depending on the location.

The spokesperson said it had “always been L&G’s plan to offer rented homes within assisted living suites”.

Phil Bayliss, chief executive of L&G’s Later Living, which operates Inspired Villages, said the introduction of a rental offer would widen the group’s target market.

“With more than three million over-60s in UK seeking to downsize their homes, a home for purchase isn’t going to be the right choice for everyone.

“The number of people choosing to sell their family home to downsize and rent is on the rise, and we are keen to ensure that Inspired Villages is able to offer this opportunity. We aim to be as flexible and as relevant to as many people as possible.”