Investor acquires new housing site
Financial services firm Legal & General has acquired a site in Berkshire where planning permission exists for 1,500 new homes.
The 272-acre plot at Arborfield in Wokingham will also feature a school, shops and space for places of employment once it has been developed.
It will be the second site developed by Legal & General’s housebuilding arm, Legal & General Homes. Work has already begun at the first, the 1,000-home project at Buckler's Park, a 250-acre scheme at Crowthorne in Berkshire.
The projects will help provide plenty of work for construction workers, including insulation fitters, as they prepare the homes for the first residents to move in.
A wide array of tenancies will be included in the two developments, including homes constructed on a build to rent basis, homes for later life, student accommodation and affordable homes, as well as properties for the open market.
Chief executive of Legal & General Homes James Lidgate said this approach would cut by half the time it would take to complete the developments, which would normally be 15 years.
Nigel Wilson, chief executive of Legal & General, added: "The Budget creates the right backdrop for a real boost to one of the key areas of infrastructure - housing supply.
"This is the first substantive supply side policy for almost 40 years, since council houses were sold in the 1980s.
"Legal & General will therefore accelerate our roll-out of housing and associated infrastructure, including on larger sites where we can create whole new communities like Crowthorne and Arborfield."
The Budget "backdrop" to which Mr Wilson referred was the announcement of a package of measures by chancellor of the Exchequer Philip Hammond, which is aimed at raising the number of homes built every year to 300,000.
This included help for 'challenger' building firms to get a larger foothold in the market, rather than construction being left in the hands of a handful of large established companies.