Legal & General has signed a joint venture with housing provider Metropolitan Thames Valley Homes (MTVH) to build 2,500 shared ownership and affordable rent homes.
The 50:50 partnership is between L&G Affordable Homes (LGAH) and the housing association’s shared ownership brand SO Resi.
Of the 2,500 homes, around 2,000 will be shared ownership, with the remainder for affordable rent.
The first tranche of homes is expected to be completed by 2025, with construction set to begin within the next 12 months.
MTVH currently owns and manages or administers around 57,000 homes across London, the South East, East Midlands and the East of England.
LGAH launched in 2018, since when it has developed and sold nearly 550 shared ownership homes and handed over nearly 1,500 affordable homes, making it one of the top five largest developers of affordable housing in England.
Legal & General Affordable Homes chief executive Ben Denton said: “At the moment, housing associations around the country are managing to create just a third of the new homes that are required to meet current need. By providing additional institutional investment, amounting to £1.15bn since 2018, we can significantly increase the rate at which these homes are built and the number of households helped.
“Our new partnership with MTVH and its shared ownership brand SO Resi will help us to achieve our goal of creating over 2,000 new affordable homes a year.”