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    Lloyds Bank sets out new plans to buy 50,000 homes


    Lloyds Banking Group is reportedly planning to become one of the UK’s biggest landlords, according to the Financial Times.

    The banking giant is aiming to buy 50,000 homes in the next 10 years and charge tenants rent as a private landlord. The Financial Times said that Lloyds Banking Group has launched the ‘Citra Living’ brand in an attempt to move into new streams of making money.

    Lloyds is the biggest mortgage lender in the UK, providing nearly one in four home loans to prospective buyers, but, with interest rates at historic lows for more than a decade, returns have been squeezed.

    Lloyds Banking Group is reportedly planning to become one of the UK’s biggest landlords, according to the Financial Times.

    The banking giant is aiming to buy 50,000 homes in the next 10 years and charge tenants rent as a private landlord. The Financial Times said that Lloyds Banking Group has launched the ‘Citra Living’ brand in an attempt to move into new streams of making money.

    Lloyds is the biggest mortgage lender in the UK, providing nearly one in four home loans to prospective buyers, but, with interest rates at historic lows for more than a decade, returns have been squeezed.

    Several big name fund management groups and insurers have entered the private rental market in recent years, including Legal & General and M&G.

    And retailer John Lewis recently announced plans to convert unused floor space in its department stores into rental homes.

    The switch from small-scale private landlords follows changes in tax rules which mean buy-to-let mortgage payments are no longer tax deductible.

    A Lloyds spokesperson said: “As highlighted at launch, Citra Living will initially start small, with a focus on buying and renting good-quality, newly-built properties. This will be achieved by working alongside leading house builders to address the increasing demand for rental properties.

    “The aim is to gradually provide incremental stock to the UK rental market over the coming years.”

    Source: Daily Record