Legal & General Capital helped fund more than 17,000 new homes across affordable housing, suburban build-to-rent (BTR), modular housing, traditional build-to-sell, and key worker homes last year.

The insurance group invested �5 billion towards levelling up the UK's towns and cities in a bid to drive regional economic growth and tackle the housing crisis.

Many schemes involved joint venture models such as a 3,000-home partnership with Lovell and a 2,500-home partnership with Metropolitan Thames Valley Homes.

CEO Laura Mason (main image) says L&G is on track to achieve its ambition of generating up to �600m in profit from alternative assets by 2025 and that its strategic partnerships have been with like-minded investors, who want stable, long-term returns, but are also looking to drive positive social impact and limit the impacts of climate change.

'With an increasingly uncertain picture over the next 12 months, it's essential that financial institutions continue to invest in the real economy, recycling pensions funds and savings into projects that help to create jobs, housing and vital infrastructure,'� adds Mason.

'Despite headwinds, our appetite to continue to invest globally, alongside other institutional partners, remains strong for 2023.'�

10,000 houses

Last year, the group vowed to build 10,000 houses a year along with 5,200 build-to-rent homes to tackle the UK's housing shortage. Its ambitious target will be made up of more than 3,000 traditional build-to-sell homes, up to 3,000 affordable and modular homes and 1,000 suburban rental homes.

It has 17 BTR schemes planned or in operation, delivering 5,000 homes and will also build 5,100 later living homes in a joint venture with NatWest Group Pension Fund.