L&G Affordable Homes Sees Rise In Number Of New Homes And Profits Delivered
2 July 2024
L&G Affordable Homes has delivered its highest number of new homes to date while returning healthy profit for the year to 31 December 2023.
Our accounts reveal that we provided 1,304 new homes across the twelve-month period. This takes the total number of completed homes owned by LGAH at the end of 2023 to 4,336, with an overall value of over £750m as at 31 December 2023.
In 2023, we also announced a combined profit before tax of £36.9m before valuation movements. During the year it reported unrealised revaluation movements of -£35.7m, meaning a profit before tax of £1.3m.
The robust growth demonstrates the viability of our business model and an overall positive year for the business, having been one of few Registered Providers to be graded G1 / V1 by the Regulator of Social Housing at the start of 2023. We also received consistently high scores on Net Promoter Score surveys across the year, which underscores its ethos of putting the customers at the heart of its offering.
Ben Denton, chief executive at L&G’s Affordable Homes division, said:
“We’ve got a number of fresh faces across the business, including new board members and a new chair, who we’ve been working with over the past few months to refresh our strategies and approach as we build scale. We’re excited to put these into play over the next five years of our journey, driving growth to positively disrupt the sector.”
L&G Affordable Homes’ full accounts for the year can be found at Companies House.