Legal & General has confirmed that more prefab homes investment will be made at a 272-acre location in the village of Arborfield outside Wokingham thanks to increased confidence created by the Budget.
The housebuilding branch of the pension company will increase its investment in ‘off-site’ construction and start building 1,500 homes at the end of 2018. This project is the second major L&G development as it seeks to profit long-term from the property market.
L&G will build homes for sale and rent, as well as student and retirement properties. Many of these homes will be shipped from the recently opened factory in Leeds. Last year the firm announced that:
- An investment of £55m would be made into the prefab operation
- The site could have capacity to produce up-to 3,000 homes a year
It confirmed that its prefab homes investment, combined with a goal of building different types of homes, would reduce the time needed to complete the Wokingham development by five years.
Chancellor Philip Hammond said in the Budget that the government would advocate the use of modern construction methods, such as off-site home fabrication, to make delivery happen sooner.