London housing developer L&Q is to build 20,000 homes in the North West
A major London housing developer is to build 20,000 homes in the North West.
L&Q said the £4billion investment was part of its plan to expand beyond the South East, where land is more expensive and in short supply.
It said that at least half the homes will be ‘genuinely affordable’.
And it will cater for people aged above 55 and those with special needs.
As part of the plans, L&Q is in talks to buy Manchester-based Trafford Housing Trust (THT), which it said would provide a ‘gateway’ into the northern market.
THT has around 9,000 homes under management. This compares to L&Q’s portfolio of 90,000 mainly in London and the South East.
The two firms already have a joint venture together.
David Montague, L&Q’s boss, said: ‘We are excited by the opportunity to invest with a partner that shares our social purpose, values and ambition, has excellent local knowledge and a strong reputation for innovation and delivery.’