Insurance giant says it will build 1,000 rental homes a year by 2024 in suburban locations

Insurance giant L&G has set up a business to develop build-to-rent homes in suburban locations across the UK.

The investment arm of the firm, which has grown a huge residential development operation in recent years, said its Suburban Build to Rent business would deliver 1,000 homes a year by 2024.

Legal & General Capital (LGC) said its new business would develop homes directly and deliver them in partnership with existing UK housebuilders.

The build-to-rent sector has grown rapidly in recent years to an estimated value of £10bn. Until now it has been largely focused on city locations, with apartments targeted at young professionals.

LGC said its new business was designed to be the UK’s “first-choice” suburban build-to-rent platform, and would create “much needed, high-quality family homes in areas connected to schools, transport infrastructure and key amenities.”

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