Insurance giants eye residential market

Insurance company Legal & General has said it may be prepared to invest in whole new towns, in a bid to help meet the UK’s housing needs.

The pension fund has said it could see itself investing as much as £5 billion in new towns over the next decade, as part of a push to see Britain’s housebuilding crisis solved. Chief executive Nigel Wilson said such projects would depend on supportive local communities, and a planning system that allows such bold steps to be taken. “We’re already developing towns within cities, in partnership with enlightened local authorities and boroughs,” he told the Sunday Times in an interview.

Such projects could see the insurer investing in private rented housing, social housing and student accommodation. L&G is already involved in major developments, investing in property and infrastructure. It has also bought a stake in UK housebuilder Cala Homes.

More on the story in the Guardian here.

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