Legal & General (L&G) has revealed its first turn-key modular housing prototype as it continues to drive the evolution of the housing sector to help tackle the UK’s long term chronic production problem.
10 Jul 2017
Located outside its 550,000 sq ft factory in Selby, near Leeds, the prototype is a two-storey, two-bedroom home. Exploring a range of designs, L&G expects to deliver its first homes in the first half of next year. The Leeds site is building the capacity to produce thousands of homes per year across 8 production lines, employing several hundred local people.
Modular building is quicker and more efficient than traditional house building, delivering homes in a matter of weeks rather than years to consistently high standards. This is achieved by building precision-engineered homes in a factory environment, ensuring accuracy of build, in dry controlled conditions, using state of the art methods and materials. The manufacturing process is highly energy efficient and will be carried out by a stable trained workforce. Constructing the homes from Cross Laminated Timber (CLT), delivers further environmental benefits by storing 1 tonne of CO2 in every m3 of CLT used in the construction of each home. This ensures an economically viable and sustainable solution to deliver much needed capacity for the industry.
Rosie Toogood, CEO of L&G Modular, commented: “The unveiling our first prototype today marks an exciting and important step in our programme to bring modular homes constructed from CLT to market. This prototype demonstrates the high quality of our modular solutions debunking preconceptions of modular housing. At full production, homes like this will be delivered repeatedly in a matter of weeks without the snagging issues faced by traditional methods.
“L&G has a long heritage in providing housing in the UK and sees modular construction as a natural evolution and extension of its position in this market. Modular construction is set to revolutionise the house building sector bringing new materials along with methods and processes used in industries, such as car-making to raise productivity and help to address the UK’s chronic shortfall of new homes.”
L&G has been involved in housing activities for nearly 20 years including: through its stake in CALA Homes; delivering a 1,000 home scheme in Crowthorne through its own house building arm, Legal & General Homes; and investing in a new institutional Build to Rent product. Legal & General more broadly is a significant investor in housing including social housing and student accommodation; and it is bringing housing back to the centre of the UK’s cities through large scale mixed-use urban regeneration schemes.
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.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
*at 31 Jun 2021