L&G names 14 housing associations to manage its for-profit provider homes

Inside Housing revealed in October last year that L&G would use panels of housing associations to manage stock owned by its registered provider, L&G Affordable Homes.

L&G said it received 140 expressions of interest to the “extensive” tender process, which was launched in March.

It announced plans to register with the Regulator of Social Housing in April last year with a stated ambition to become the sector’s biggest builder, delivering 3,000 homes a year.

Last month, it increased its pipeline to nearly 3,500 by pumping in an extra £750m of investment.

The first L&G Affordable Homes residents have moved into a scheme in Falmouth, managed by Coastline Housing.

Ben Denton, managing director of L&G Affordable Homes, said: “With residents already moving into our first schemes, this represents 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.”

Mr Denton told Inside Housing in October that L&G Affordable Homes is actively not pushing up prices when bidding to acquire affordable housing schemes.

Matthew Harrison, chief executive of Great Places, said: “Great Places is delighted to be involved in this innovative new partnership with Legal & General.

“We will work across 27 different areas, helping to create successful communities and much needed, quality affordable rented and shared ownership homes.”

Claire Kober, managing director – homes at Pinnacle, said: “Legal & General’s entrance into the affordable housing market is an exciting proposition for everybody committed to increasing the supply of well-managed, high-quality affordable homes.”