Legal & General names new affordable housing partners

Legal & General has teamed up with more than a dozen housing associations and providers to help the finance giant deliver 3,500 affordable homes.

The 14 groups will form a panel to help the pension fund’s housing operations across the country. The firm said the coverage of the new group meant it had the capacity to allocate two providers to each local authority in the UK.

Last month L&G announced plans for an affordable homes division, backed with £750m, capable of delivering 3,500 homes either on its own or in partnership with existing housing associations.

L&G said it was approached by 140 firms as part of its two-stage tender process, which kicked off in March this year.

Ben Denton, Legal & General Affordable Homes’ managing director, described the creation of a panel of management partners as “another milestone as we continue to pioneer the institutional registered provider model.

“There is an urgent need to keep innovating in this sector and to provide quality, stable homes for the 1.1 million households on waiting lists in England,” he added.