Meanwhile as the government cracks down on non-institutional landlords, this increasingly well rehearsed method of underpinning Council housing provision / delivery is increasingly part of the conversation.
In this case Croydon Council has adopted the approach alongside a number of other mechanisms to deliver multi-tenure housing, including through their much vaunted ‘Brick by Brick’ housing company.
Ultimately good Councils (and good advisers!) will interrogate the many mechanisms available in the context of their objectives and parameters for delivery (e.g. financial risk appetite, expertise and experience etc).
Housing delivery is not without risk. That’s why developers [should] make profit, but good fit-for-purpose solutions should deliver if properly planned for, executed and resourced. And continued political commitment is vital!
Legal & General has partnered with Croydon Council to provide 167 homes for families on the housing waiting list. With more than 1.3m people on social housing waiting lists in the UK, the move exemplifies how councils can ease the burden on the public purse by working alongside an investor like L&G.