A leading insurance group has agreed to invest almost £50m in providing accommodation for homeless families in a deal said to be a potential blueprint for solving Britain’s housing crisis.
Legal & General has bought 167 homes in Croydon, south London, and has leased them over 40 years to the local council, which will pay the company rent that is expected to save Croydon about £20m. After the 40-year term ends, the properties will belong to the council.
L&G said that the agreement offered a model for how institutions and the public sector could help to provide for the more than 1.3m people on waiting lists for social housing in the UK.
