The Anonymous Widower

L&G To Build 3,000 Affordable Homes By 2022

The title of this post, is the same as that of this article on Construction News.

This is said.

Legal & General is to start building affordable homes with the aim of delivering 3,000 a year by 2022.

The firm said it will target affordable housing due to underinvestment in the sector.

L&G is aiming to become the “leading affordable housing provider in the UK” by drawing on its £15bn investment programme, according to chief executive Nigel Wilson.

It looks like the story could be better than the headline.

April 27, 2018 - Posted by | Finance, World | ,

4 Comments »

  1. Until the accepted definition of ‘affordable’ is changed to mean houses 3/4 times average incomes, and not just slightly under the market price, initiatives like this will look good on paper but in reality won’t mean very much to priced out people wanting to buy a home.

    Comment by Lawrence | April 27, 2018 | Reply

    • I’ve no idea.

      A year or so ago, I had a chat with two of their infrastructure specialists on a train and we went through various scenarios, especially where a station was rebuilt as part of a development.

      The big trouble with affordable housing, is that many councils don’t want it in their area.

      Comment by AnonW | April 27, 2018 | Reply

  2. My daughter lives in an area of very very high housing prices, and works in a post which isn’t paid well, but which she loves. Although she could theoretically afford a shared ownership property buying just a small share, she couldn’t save for the necessary deposit and pay rent on the place she lived. She said she doubted that she would be able to ever buy a home. However, my parents left each of our children money in their will, so she now has a deposit and is in the process of buying new build apartment, 40% of it anyway. The price is eye wateringly high, there are parts of the country where her deposit would be 40% of the price! Yet her monthly repayments will be £5.00 a month more than her rent!!! Which suggests to me that something needs to be done about deposits for people in important but poorly paid jobs such as nursing or teaching etc.

    Comment by nosnikrapzil | April 27, 2018 | Reply

    • The trouble with any subsidy of deposit, or repayments is that it just gets capitalised into the price, as indeed did mortgage interest tax relief.

      Comment by Mark Clayton | May 1, 2018 | Reply


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