Legal & General has appointed Michael Dempsey as director of development and investment and Shaun Holdcroft as director of operations for Legal & General Affordable Homes.
Launched in April 2018, Legal & General Affordable Homes has been focused on supporting the UK’s demographic and affordable housing needs.
Ben Denton, managing director of Legal & General Affordable Homes, said: “With only 30,000 affordable homes delivered in the UK each year, and a waiting list of 1.3m, there is an urgent need to close this gap.
“Legal & General is focused on delivering a sustainable model, bringing long-term institutional capital into this sector and working alongside best-in-class Housing Associations to make a genuine contribution to increasing investment and tackling the shortage of affordable homes.
“As we gear up towards the acquisition of our first sites, our major focus has been to put together a stellar team to support our ambitions.
“Mike and Shaun bring a wealth of experience from across the housing building and affordable housing sectors and are key hires as we begin to establish our development platform.”
With 30 years’ experience in the house building industry, Michael Dempsey has joined Legal & General from Wellbury Projects Limited, a development consultancy he established, sourcing development opportunities and offering residential development project management.
Prior to this, Dempsey was regional managing director of Keepmoat Homes Southern, responsible for launching the South of England arm of this national House Builder and securing a pipeline of 1,700 homes in its first three years of operation.
Dempsey was also a board member of B3 Living, a Registered Social Landlord working specifically on reducing affordable housing build costs.
Holdcroft joined from Settle where she was executive director, in charge of leadership of Settle and strategic planning, looking after 200 staff and c.£50m of revenue.
Prior to this, Holdcroft was director of Resident Services London and commercial portfolios at Hyde Housing Group and interim head of Housing at Southwark Council.
Legal & General Affordable Homes aims to deliver 3,000 homes per annum within the next four years, as part of its wider commitment to tackle the UK’s chronic shortage of housing through its unique multi-tenure approach.
Legal & General Affordable Homes will adopt a collaborative approach to housing delivery, working closely with housing associations and local councils to target all areas of the market, including new build Section 106 and grant-funded affordable rent, social rent and shared ownership units.