Financial services group Legal & General is set to create more than 400 new jobs with the launch of its modular housing business.
Legal & General Homes will look to modernise home building by providing precision engineered manufactured houses through its new factory near Leeds.
It has already signed a long-term lease with Logicor on a 550,000 sq ft warehouse in Sherburn-in-Elmet which will initially employ between 400 and 500 people.
Paul Stanworth, Managing Director of Legal & General Capital, said: “Sustainable, durable modern materials and proven technology will enable us to create high-quality homes meeting a wide range of housing needs and help solve the UK’s housing crisis.
“Modern modular housing in the UK has so far been restricted to the top end of the market: the scale of our Sherburn facility will enable many more people to benefit from new, environmentally-friendly construction techniques which have already become mainstream in Europe.”
Tom Ground, Chief Executive of Legal & General Homes, added: “Legal & General Homes aims to deliver a new solution to the problems we face in the UK, addressing the shortage of suitable, affordable and sustainable housing by manufacturing higher quality, energy efficient, lower cost housing.”
Legal & General has recently announced the launch of a build-to-rent partnership with PGGM which will invest £600m to provide over 3,000 homes.
The group also said its Mortgage Club had completed £46bn worth of mortgage lending during 2015.