Lloyds the landlord: how the bank quietly became a big rental property player
The black horse of Lloyds’ banks is a familiar sight on UK high streets, but the lender has quietly become one of the country’s biggest landlords, too, amassing £2bn in residential property, according to analysis.The company has reached the landmark valuation on its property assets after a drive to buy more than 7,000 properties, in news first reported by the Financial Times.Already the UK’s largest mortgage lender, it set out ambitious plans four years ago to acquire 50,000 rental homes by 2030 to become the country’s biggest landlord.It launched its Lloyds Living division in July 2021, then called Citra Living, which provides homes for rent and shared ownership at 42 developments across the country.They are a mix of houses and low-rise apartment blocks, usually located in suburban areas, rather than city centres.
Lloyds Living now manages 7,500 homes, “from one-bedroom apartments for young professionals to four-bedroom houses for growing families”.This puts it among the UK’s biggest private sector landlords, which include the insurance and pension group Legal & General, the fund manager M&G and the property developer Grainger.A spokesperson for the bank said: “We are pleased with the significant progress made to grow the Lloyds Living business since its launch in 2021, and how – in line with the strategic aims set out from the start – it is helping to increase access to good quality, affordable housing nationwide and is already contributing significantly to the group’s diversified income streams.”Lloyds said most of its acquisition activity has been funding its development partners to build more housing.In June, the bank struck its second big property deal with Barratt Redrow, the UK’s largest housebuilder, as part of the companies’ build-to-rent partnership.
It added 598 two-, three- and four-bedroom homes in 11 new and existing Lloyds Living sites including Berkshire, Oxfordshire, Buckinghamshire, Kent, Cheshire and Gloucestershire,Last summer, Lloyds started turning former office buildings into social homes at a site in Pudsey in West Yorkshire, with plans for 93 homes to be rented at half the usual rate, making it the first UK bank to enter the social housing market directly,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe bank held a social housing conference in July, convening housing associations, lenders and the then-housing secretary Angela Rayner, to discuss the desperate need for more affordable housing in the UK,The Lloyds chief executive, Charlie Nunn, cautioned then that “the challenge is considerable and complex”, but added that there were “countless brownfield sites that lie empty”,Diversifying away from lending into private home rentals means Lloyds is less reliant on interest income, which was squeezed in recent years by record low UK interest rates.
Lloyds has reported “strong income growth” from Lloyds Living,However, its performance has been overshadowed by the ongoing car loans commission scandal,The lender is also the UK’s biggest car lender through its Black Horse division and is expected to foot the largest bill compensation bill for the scandal among its peers,
ChatGPT accused of acting as ‘suicide coach’ in series of US lawsuits
ChatGPT has been accused of acting as a “suicide coach” in a series of lawsuits filed this week in California alleging that interactions with the chatbot led to severe mental breakdowns and several deaths.The seven lawsuits include allegations of wrongful death, assisted suicide, involuntary manslaughter, negligence and product liability.Each of the seven plaintiffs initially used ChatGPT for “general help with schoolwork, research, writing, recipes, work, or spiritual guidance”, according to a joint statement from the Social Media Victims Law Center and Tech Justice Law Project, which filed the lawsuits in California on Thursday.Over time, however, the chatbot “evolved into a psychologically manipulative presence, positioning itself as a confidant and emotional support”, the groups said.“Rather than guiding people toward professional help when they needed it ChatGPT reinforced harmful delusions, and, in some cases, acted as a ‘suicide coach’
‘Musk is Tesla and Tesla is Musk’ – why investors are happy to pay him $1tn
For all the headlines about an on-off relationship with Donald Trump, baiting liberals and erratic behaviour, Tesla shareholders are loath to part with Elon Musk.Investors in the electric vehicle maker voted on Thursday to put the world’s richest person on the path to become the world’s first trillionaire, despite the controversy that is now seemingly intrinsic to his public profile.Shareholders approved the $1tn compensation plan, which could yield the largest corporate payout in history if he meets a series of tough-looking goals, not least pushing Tesla from its current market value of $1.4tn to $8.5tn (£1
How Tesla shareholders put Elon Musk on path to be world’s first trillionaire
Now that Tesla stockholders have approved a plan to offer Elon Musk close to $1tn, the clock is ticking to make the company worth eight times more than it is today.If Musk can grow Tesla to over $8tn in value for stockholders over the next decade, he will be well on his way to becoming the world’s first trillionaire.More than 75% of shareholders voted in favor of the historic compensation plan during a vote at the company’s headquarters in Austin on Thursday. After the votes were in, Musk took the stage and danced after the news was announced.“It’s not just a new chapter for Tesla,” Musk said
Tesla shareholders approve $1tn pay package for Elon Musk
Tesla shareholders approved a $1tn compensation plan for CEO Elon Musk on Thursday, awarding the world’s richest person what would be the largest corporate payout in history if he meets the goals necessary to receive it.The pay package, which several high-profile investors opposed, demonstrates that shareholders still believe Musk can lead the automaker in an era dominated by robotics and artificial intelligence.The result of the vote was announced at the annual shareholder event in Austin, Texas, with more than 75% of investors voting in favor of the plan. Chants of “Elon” erupted in the room at the news of its approval.“Thanks, guys,” Musk said, after briefly dancing on stage alongside the company’s Optimus robots
Amazon sues AI startup over browser’s automated shopping and buying feature
Amazon sued a prominent artificial intelligence startup on Tuesday over a shopping feature in the company’s browser, which can automate placing orders for users. Amazon accused Perplexity AI of covertly accessing customer accounts and disguising AI activity as human browsing.“Perplexity’s misconduct must end,” Amazon’s lawyers wrote. “Perplexity is not allowed to go where it has been expressly told it cannot; that Perplexity’s trespass involves code rather than a lockpick makes it no less unlawful.”Perplexity, which has grown rapidly amid the boom in AI assistants, has previously rejected the US shopping company’s claims, accusing Amazon of using its market dominance to stifle competition
Google plans to put datacentres in space to meet demand for AI
Google is hatching plans to put artificial intelligence datacentres into space, with its first trial equipment sent into orbit in early 2027.Its scientists and engineers believe tightly packed constellations of about 80 solar-powered satellites could be arranged in orbit about 400 miles above the Earth’s surface equipped with the powerful processors required to meet rising demand for AI.Prices of space launches are falling so quickly that by the middle of the 2030s the running costs of a space-based datacentre could be comparable to one on Earth, according to Google research released on Tuesday.Using satellites could also minimise the impact on the land and water resources needed to cool existing datacentres.Once in orbit, the datacentres would be powered by solar panels that can be up to eight times more productive than those on Earth
Die My Love to Rosalía’s Lux: your complete entertainment guide to the week ahead
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