MIPIM UK: Private rented housing in the UK could account for a third of all tenure, according to Legal & General’s Bill Hughes.
“The PRS sector is underdeveloped in the UK and is an exciting opportunity,” Hughes told a MIPIM UK breakfast event held by Estates Gazette and McFarlanes. “My guess it should be representing around 30% of all tenure in the UK in the future. It’s principally an urban phenomenon and L&G would absolutely expect to be at the vanguard of that investment.”
L&G is already £15bn committed to real estate in the UK and could allocate a further £10bn-£15bn “with a bias towards social infrastructure, of which residential is a major part”, said Hughes. He pointed out that L&G already controlled around 27,000 residential units. “Over the past 18 months we have put around £2bn towards residential,” said Hughes, including “some PRS”.
Also on the panel were McFarlanes partner Anthony Burnett-Scott, First Base chief executive Elliot Lipton and Realstar Group vice chairman international Ryan Prince.
Watch highlights from yesterday’s event here:
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