Prefab factory starts churning out affordable homes for young adults
Legal & General?s housing assembly begins rolling out affordable homes for millennials Most insurance companies want to protect your home. The UK firm Legal & General would also like to build it for you as well.
Earlier this month, according the The Guardian, the insurance giant began production of its new line of prefabricated homes at its factory in Leeds in northern England, which it plans to ship to building sites across the country on trucks.
These homes aim to fill a key gap in the UK market, addressing a need that?s also pressing in the United States: affordable housing for young, single urban workers. The first development utilizing the new homes, in Richmond, located in southwest London, will purchase hundreds of units from L&G. They?ll be rented out for £600 to £700 ($785 to $915) a month, well below the cost of renting a current one-bedroom apartment in the area, which starts at roughly £1,000 a month ($1,307). Can this type of construction help create affordable housing for the millennial workforce" Other companies see similar potential in this technology: Google just ordered 300 units of prefab housing from a new Bay Area startup, Factory OS, earlier this year, hoping to provide affordable accommodations for its workforce in one of the most expensive real estate markets in the country. Along with coliving startups such as WeLive, these prefab companies believe industrial manufacturing techniques and new business models can solve the a...
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