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L&G’s affordable arm delivers its highest number of homes and posts £1.3m profit
Legal & General Affordable Homes (LGAH) delivered its highest number of homes last year, its latest accounts have revealed.
The for-profit provider built 1,304 homes in the 12 months to 31 December 2023, the highest since it launched in 2018.
It also announced a pre-tax profit of £1.3m for last year, following a £7.5m pre-tax loss in 2022.
LGAH has now delivered 4,336 homes with an estimated value of £750m.
It was graded G1/V1 by the Regulator of Social Housing at the start of 2023 and said it had achieved “consistently high” net promoter scores throughout the year.
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Chris Hewitt, chief investment officer at LGAH, said: “We’re extremely proud of what we’ve achieved since letting our first property in 2019.
“We’re a strong, fast-growing business and our figures for 2023 show our commitment to investing in the sector, putting us in good stead as we strive towards becoming the leading for-profit provider of affordable housing in the country.”
Ben Denton, chief executive of LGAH, said: “We’ve got a number of fresh faces across the business, including new board members and a new chair, who we’ve been working with over the past few months to refresh our strategies and approach as we build scale.
“We’re excited to put these into play over the next five years of our journey, driving growth to positively disrupt the sector.”
LGAH announced this week that it had acquired 390 shared ownership homes from Orbit Group for nearly £35m.
Earlier this year it teamed up with Barratt to pilot a shared ownership initiative.
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