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Legal & General has announced the launch of a new housing arm focusing on the development of large, single family build-to-rent homes in the suburbs.

The insurance giant said the new business, which will be part of its housing division Legal & General Capital, will partner with UK housebuilders to build over 1,000 homes a year from 2024.

L&G already has more than 5,000 build-to-rent homes in operation or development across the UK, but these are largely in major cities. 

A spokesperson for the firm said the new business, which is yet to be officially named, has been partly inspired by the housing markets in the US and in Europe, where there is a much higher proportion of build-to-rent-homes in the suburbs.

Simon Century, who is the director of L&G鈥檚 affordable homes business, will head up the new outfit, while L&G Capital鈥檚 senior investment manager David Reid has been appointed as the new business鈥� managing director. The wider team is in the process of being established.

L&G said the business鈥� developments will offer a mixture of houses and low density apartments which 鈥渞eflect new ways of living鈥� in the wake of the covid-19 pandemic, including providing home offices and added outdoor space.

Profit at Legal & General Capital fell by nearly a third, 29%, according to its half-year results in August, with the impact of the pandemic blamed.