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Legal and General enters later life housing market

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  • 04/08/2017
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Legal and General enters later life housing market
Legal and General has taken its next step into the housing sector by entering the later life living market with the establishment of its Inspired Villages Group brand.

The insurer and lender intends to build 3,000 new later-life homes in the next year as part of its initial strategy.

Inspired Villages has been creating following the purchase of two joint ventures from English Care Villages and Places for People for around £40m.

The business will acquire several sites per year and create “vibrant villages on the edge of and within the UK’s towns and cities”, according to Legal and General.

It noted that each village will offer a choice of single level homes starting from £250,000 and be set around a central village square with gardens, restaurants, gym, social activities and access to appropriate care.

 

Underprepared

Phil Bayliss, head of later living at Legal and General Capital, said it was widely recognised that the UK was underprepared to support its ageing population.

“More than 3 million over 65s are looking to downsize and only 7,000 housing with care properties are being built each year.

“The UK suffers from a chronic undersupply of age-specific housing as well as spiralling health and social care spend. We believe our long-term capital can deliver significant housing, health and wellbeing benefits for those in later life.

“Our homes will provide our customers with an opportunity to use equity locked up in houses that are too big to manage to improve their quality of life and remain in their communities,” he added.

Legal and General only entered the later life lending market last summer but according to Council of Mortgage Lenders data completed around £600m of borrowing during 2016.

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