£100 million to help deliver affordable homes in the UK

Background

As a long-term, needs-based investment, social housing has proved that it is better insulated against economic downturns than many other sectors. It also stimulates economic activity, supports jobs and, crucially, bolsters supply, giving more people the chance to get a foot on the housing ladder.

Solution

During the UK COVID-19 lockdown in 2020, Legal & General announced its extended partnership with Bromford Housing Group, providing £100m in long-term financing, helping it to deliver its strategic development goal of 12,000 new social and affordable homes across its operational area in Central and South West England by 2028.

Impact

The delivery of these homes will serve the communities in which Bromford operates. Legal & General is uniquely placed to invest annuity money into the UK economy, supporting its long-term pension commitments and creating real assets which provide new jobs, housing, productivity and wage growth.  We were also part of an industry collaboration initiative that helped to establish the first Sustainability Standard for Social Housing in the UK, which will play a pivotal role in providing a clear and consistent ESG disclosure framework. The standard is designed to provide a voluntary reporting framework for housing providers to report on their ESG performance in a transparent, consistent and comparable way.