UK Bank Buying 50,000 Homes To Rent In Buy-to-Let Property Expansion

UK Bank Plans To Buy 50,000 Homes To Rent In UK Property Expansion

The Lloyds Banking Group is planning to become one of the UK's biggest domestic property landlords as it aims to buy 50,000 homes in the next decade, the BBC and FT reports.

Britain’s largest lender and banking giant will charge tenants rent as a private buy-to-let landlord under its recently launched Citra Living brand.

The Financial Times said the bank was aiming to buy 400 properties this year and 10,000 homes by the end of 2025.

Lloyds, which owns Halifax, Bank of Scotland and insurance company Scottish Widow provides nearly one in four mortgage home loans in the UK.

Citra Living is starting small and testing the rental market, with a focus on buying and renting new build housing properties. Their first buy-to-rent project is 45 new apartments at Fletton Quays in Peterborough.

The Financial Times said if Lloyd hit their 2025 target, it would make Citra bigger Grainger, the UK's current largest private residential landlord, which owns about 9,100 properties and has a market capitalisation of £2.1bn.

Based on current property prices and rental estimates, this would create a portfolio worth £4 billion, generating pre-tax profits of around £300 million.

Other Stories In Weekly Financial News Round Up

·        Hackers have stolen $100 million of Crypto as liquid wallets were “compromised” in Japan.

·        John Lewis will convert unused retail shop space into flats, as it moves away from retail dependency into areas such as banking.

·        Average houses prices falling after the rush to beat the Stamp Duty Holiday.

·        Properties prices in the North booming as investment pours into the regions.

·        Property market changing as more staff told to stay working at home.

·        Staffing crisis shortage in the UK with 1 million job vacancies.

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