The dark horse of Lloyds banks is a familiar sight on UK streets, but the lender has also quietly become one of the country’s biggest landlords, nurturing £2bn of housing.
The company reached the landmmmmmmmmmark change in its property holdings after a drive to buy more than 7,000 properties, according to the financial period.
The UK’s biggest lender, it set out ambitious plans four years ago to acquire 50,000 rental homes by 2030 to become the biggest landlord.
It launched the Lloyds Living Division in July 2021, then called CITRA NGA CITRA, which provides homes for rent in 42 developments across the country. They are a mix of houses and low-rise apartment blocks, usually located in suburban areas, rather than in city centers.
Lloyds Living currently manages 7,500 homes, “from one bedroom apartments for young professionals to four bedroom family homes for growing families”. It is ranked among the largest private sector employers in the UK, which includes M&G’s insurance and pension group & gene manager and owner developer.
A spokesperson for the bank said: “We are happy with the significant progress that has been made to develop Lloyds Business because the launch of good quality, helps to access good quality, it causes access to good quality, it helps to access good quality, it causes access to good quality, which is related to the different quality of the arrival of the country and has led to the arrival of the different quality of the arrival of the country and it has contributed to the different quality of the flow in the country.”
Lloyds said much of its takeover activity was funded by development partners building more homes.
In June, the bank struck a second property in the property of Barratt Liver, the largest housebuilder in the UK, as part of the partnership to build the companies. This adds 598 two-, three-bedroom houses to 11 new and existing Lloyds living areas including Berkshire, Kent, Chsoucetershire.
Last summer, Lloyds began converting office buildings into social homes, at a site in Pudsey in West Yorkshire, with plans for 93 homes To rent at half the usual rate, making it the first UK bank to enter the social housing market directly.
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The Bank held a conference on social housing in July, saving housing associations and then-housing secretary Ailela Rayner, to discuss the desperate need for more affordable housing in the UK. Lloyds Chief Executive Charlie Nunn warned: “The challenge is many and complex,” but added that there were “countless brownfield sites lying empty”.
Diversifying from private home rental lending means Lloyds is less reliant on interest income, which has been squeezed in recent years by record low UK interest rates.
Lloyds reported “strong earnings growth” from Lloyd’s accommodation. However, its performance has been overshadowed by the ongoing Commission scandal. The lender is also the largest car lender in the UK through its dark horse division and is expected to place the largest bill on the bill in its content.