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L&G buys Berkshire site to speed up construction of 1500 new homes

Legal & General has acquired a 272 acre site in Arborfield, Wokingham which has outline planning consent for 1500 new homes, a school, shops and employment generating uses, it plans to speed up the time taken to build these homes.

Arborfield is located within fifteen minutes from the newly regenerated Bracknell town centre and construction for the first phase of new homes is due to start at the end of 2018. The site is large enough to provide a full range of housing options, from one bed apartments to five bed detached family homes. Over a third of the development will accommodate affordable housing, whilst over 44% of the total site will be dedicated to public open space.

Nigel Wilson, CEO of Legal & General, said:  “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 forty years, since council houses were sold in the 1980’s. 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. We welcome the Chancellor’s stamp duty reform, which helps to address intergenerational unfairness, and would like to see this for young and old alike, enabling all age groups to access homes that best suit their needs.”

Legal & General is delivering Build to Sell housing alongside Build to Rent, later living, student accommodation and affordable housing.  It is also revolutionising construction methods through its modular factory in Leeds - Legal & General Modular.

James Lidgate, CEO of Legal & General Homes, commented:  “We have a chronic housing shortage in the UK and speeding up the delivery of new supply is key to tackling this crisis. Adopting a multi-tenure approach means that we can create homes in a much shorter timescale as well as supporting people throughout their different life stages.

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