L&G unveils £5bn property investment plan to fix housing shortage
01-27-2014
by Alex Steger
L&G unveils £5bn property investment plan to fix housing shortage
Legal & General has unveiled plans to invest £5 billion over the next decade in building five new towns across the country, according to reports.
The Sunday Times reported that the life company was in talks with the government about putting money behind the building of garden cities in the countryside.
The paper said L&G had begun exploring the idea with the Cabinet Office and the Treasury.
L&G chief executive Nigel Wilson (pictured) told paper that Britain needed ‘ innovative housing solutions’ to solve the shortage of homes.
Wilson also said the government should stop its Help to Buy scheme in London as it was upping demand and leading to ‘absurd house prices’.
He told the Telegraph: ‘Help to Buy turbo-charges an already rising market inside London, stopping it would be economically sensible and help prevent the North-South divide getting even wider.’