Legal & General made a pre-tax profit of £1,367million in the first half of 2022 through its various housebuilding interests, with their build-to-sell business, Cala Homes, contributing almost £100million.
Cala Homes is the 10th largest housebuilder in the UK by revenue, and in the first half of 2022, generated £701million in revenue and an operating profit of £98million from the sale of over 1,500 units.
The second half of the year is looking equally positive, Reservations on private units currently stand at 93% of their full-year target, and the housebuilders are on track to deliver around 3,000 homes in 2022, generating £1.3billion revenue and £170million operating profit.
The affordable homes business has continued to establish itself as a leading institutional developer and increased its number of operational affordable homes by 624 to 2,291 in 2021. In March 2022, L&G teamed up with Lovell Partnerships to increase the delivery of affordable homes and mixed-tenure sites, aiming to deliver 3,000 multi-tenure properties over a five-year period.
Legal & General’s modular housing business has already generated more revenue in the first half of 2022 than in all of 2021, with development at a number of sites in progress.
The company’s urban build-to-rent business, in partnership with PGGM, now has a portfolio of 8,200 homes, with 24 schemes in operation or development. The suburban BTR aspect of the business has more than 1,000 homes across the UK in the pipeline, including major developments in North Horsham and Peterborough
The Inspired Villages business, in a joint venture with NatWest Group Pension Fund, is on its way to delivering over 5,000 homes for the elderly over the next 14 years. Earlier in the year, it acquired a new site in Horndean, while planning permission was secured for the phase of the Ledian Gardens development in Kent.
