Press releases
Legal & General Modular Homes announces new Joint Venture to deliver 1000 new homes
Legal & General Modular Homes (LGMH) and VIVID have today announced a five-year joint venture partnership to deliver over 1000 highly sustainable, affordable modular homes.
7 Dec 2022
The partnership will see LGMH and VIVID—one of the largest providers of affordable homes in the south of England, with around 72,000 customers and 33,000 homes—deliver up to 300 Net Zero (regulated) Carbon homes per year working together to address the energy and housing crisis. The joint venture will deliver its first homes in 2023.
The announcement of this new partnership follows closely on the news that LGMH has been selected by the City of Wolverhampton as preferred partner for the development of around 400 homes in the city.
Modular construction is crucial in delivering Government targets for housing and net zero. This new venture supports LGMH’s ambitions to deliver several thousand homes a year as part of the industry drive to deliver 75,000 homes a year via MMC by creating new skilled jobs and improving industry productivity in factories across the country.
Rosie Toogood, CEO of Legal & General Modular Homes: “We are delighted to be working with Vivid. Our partnership brings together two like-minded organisations with shared values and objectives to deliver much-needed high quality affordable homes that will make customers feel safe, comfortable, and enjoy where they live.”
Mark Perry, Chief Executive of VIVID: “I’m delighted that we have signed this joint venture with Legal and General. We are both committed to providing new homes to address the housing shortage and in particular for us where that helps meet our affordable housing ambitions. They’re focus on building energy efficient and sustainable homes has to be right given the cost of living and energy crisis people are facing.”
Legal & General Modular Homes is leading the way in the delivery of high quality affordable and sustainable homes with each future development targeted to be certified as Net Zero Carbon Regulated. The combination of thermally efficient materials, air source heat pumps and solar panels, results in homes that are highly energy efficient with a greatly reduced carbon footprint both during construction and across the lifetime of each home. It also means significantly reduced heating bills for residents at a time when household costs are rapidly rising due to their low cost in use. A Legal & General Modular home is 60% more efficient to run for the homeowner than a Building Regulation compliant new build home and the apartments are up to 30% cheaper to heat and run than the average apartment.
Further information
Notes to editors
Net Zero Regulated Carbon Home
- A Legal & General Modular Homes Net Zero Regulated Carbon home is 73% cheaper to run than a typical Ofgem Home
- Annual running costs are predicted to be £668 a year (using the capped October 2022 rates from Ofgem). A typical home would cost £2456 to run a year.
- Emitting only 0.19 tonnes of carbon a year, a Net Zero Regulated Carbon homes emit 93% less carbon over a year than a typical Ofgem Home. This would be derived from the occupants’ use of the home (e.g. running a TV and a fridge).
EPC A Home
- A Legal & General Modular Homes EPC A Home is 62% cheaper to run than a typical Ofgem Home,
- Annual running costs are predicted to be £922 a year (using the capped October 2022 rates from Ofgem). A typical home would cos £2456 to run a year.
- With only 0.34 tonnes of carbon emissions a year, an EPC A Homes emit 87% less carbon over a year than a typical Ofgem Home.
*at 1 Dec 2022
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap, and respond to a scarcity of supply that is underpinned by enduring societal needs.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
1Data as at 31 December 2023.
Our vision is “more homes, bright futures”. At the heart of this is helping customers improve their wellbeing and life chances. We’re a leading provider of affordable homes and provide services and support to 72,000 customers in 33,000 homes in the South.
*at 1 Dec 2022