Is Lloyds Banking Group your landlord?
Will you see Llyods bank on Letting Cloud….
The high street bank Lloyds Banking Group is to become one of the biggest landlords in the UK as it plans a huge move into the rental market.
The banking giant wants to purchase 10,000 homes by the end of 2025, a figure which will rise to 50,000 homes in the next ten years, according to reports.
Lloyds would charge tenants rent as a private landlord under its recently launched Citra Living brand. Lloyds’ plans would see it create a portfolio worth £4billion and generate pre-tax profits of around £300million, based on current market prices. The update comes comes after Lloyds first confirmed it would enter the rental market last month, starting with 45 new apartments at Fletton Quays in Peterborough.
These flats will be available for tenants to start renting in the next few weeks.