Lloyds Bank Aims To Be Large UK Landlord With 50,000 Homes
Lloyds Banking Group is planning to become one of the UK’s biggest landlords, according to reports. The banking giant is aiming to buy 50,000 homes in the next 10 years and charge tenants rent as a private landlord. Lloyds has launched the Citra Living brand in an attempt to move into new streams of making money.The new business aims to provide a fresh source of revenue for the U.K.’s largest mortgage lender as low interest rates hit margins. Citra Living hopes to take advantage of demand for rental properties as traditional private landlords leave the market due to changes in regulation and tax, while the number of people renting is set to increase. “As highlighted at launch, Citra Living will initially start small, with a focus on buying and renting good quality newly built properties,” Lloyds said in a statement. “The aim is to gradually provide incremental stock to the U.K. rental market over the coming years.” Fletton Quays, a 45-apartment complex in Peterborough, is Citra’s first development. It aims to acquire 400 properties by the end of the year, and double that in 2022.
Tags : Uncategorized INTERNATIONAL