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Lloyds the landlord: how the bank quietly became a big rental property player

about 13 hours ago
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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.
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US anti-doping accuses Wada of trying to ‘smear America’ amid Enhanced Games row

The war of words between anti-doping bodies over the Enhanced Games has intensified after Usada accused Wada of attempting “to smear America”.The president of the US Anti-Doping Agency made the claim as he hit back at the World Anti-Doping Agency suggestion that it should do more to stop the pro-doping event scheduled to take place in Las Vegas next year. Travis Tygart said Wada’s intervention was a “desperate attempt to divert attention” from its role in the Chinese swimming scandal of 2021.“For an organisation reportedly part of a criminal investigation by US law enforcement, the continued and blatantly false attacks from Wada president [Witold] Banka are a telling smoke screen,” Tygart said.“His attempts to smear America and our US Olympic and professional athletes is a desperate attempt to divert attention away from his failure in allowing China to sweep 23 positive tests under the carpet

about 7 hours ago
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Cheltenham’s November meeting heralds real start of National Hunt season

Three days of racing that starts on Friday has attracted nearly 400 entries, many hoping to return in March for the festivalThere are nine days of racing at Cheltenham each season before the track’s festival meeting in March. This time next week, with the showpiece event still four months away, five will be in the form book. It is, on the face of it, rather a waste of a magnificent racecourse (or two racecourses, since the New course takes over from the Old after the final afternoon of the November meeting on Sunday).But the paucity of racing at the home of jumping is, to some extent, the point. Cheltenham racing is National Hunt’s most precious resource and an increase in the supply would debase the currency

about 7 hours ago
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IOC edges closer to ban on transgender women in female Olympic events

The International Olympic Committee is edging closer towards implementing a ban on transgender women competing in the female category in time for the Los Angeles Olympic Games.Multiple sources expect such a ban to come into effect over the next six to 12 months with the new IOC president, Kirsty Coventry, making clear she wants to drive through her campaign pledge to protect the female category.Such a policy would also avoid potential conflict with the US president, Donald Trump, before the LA 2028 Games, after he signed an executive order to prevent transgender women from competing in female sport in February.The IOC, however, is still facing some internal resistance to a ban on athletes with differences of sexual development (DSD), who were reported female at birth but have male chromosomes and male testosterone levels.Such athletes, which include the London 2012 and Rio 2016 gold medallist Caster Semenya, have now been barred by World Athletics from the female category

about 9 hours ago
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Richard Sharp obituary

The rugby union player Richard Sharp was an England fly-half and captain best remembered for a scintillating try against Scotland at Twickenham that secured the Five Nations championship, and for home supporters was a warming ray of sunshine during the bleak, freezing winter of 1963. The flaxen-haired Sharp sold three audacious dummies to would-be Scottish defenders on his angled run to the line and John Willcox’s conversion secured a 10-8 victory.The try was vindication for Sharp, who a year earlier on the British & Irish Lions tour to South Africa had found himself unwittingly at the centre of a cause celebre when he was the victim of an act of thuggery by North Transvaal’s Mannetjies Roux, who hit the Oxford University student with a head-high tackle that broke the young man’s cheekbone. Sharp was knocked unconscious, then missed the first two Tests, and his absence had a bearing on the series, which the Lions lost 3-0. Even in South Africa there was an outcry that Roux was selected for the first Test, and the tourists were incensed

about 9 hours ago
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From floored to flawed: Does anyone want to win the Super Bowl this season?

The NFL is built on parity. But this season the NFC only has a few contenders while even the best teams in the AFC have worrying flawsNo league sells parity like the NFL: it’s the entire brand. But through 10 weeks of this season, this isn’t a league that is equally balanced between the good, the bad and the mediocre. It’s one where most of the league is simply fine. In the NFC, at least, there is some clarity

about 12 hours ago
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England touch down in Perth but sleepy Lilac Hill is an unlikely Ashes starting point

Just beyond the boundary’s edge, a cockatoo flew into the hole in a eucalyptus tree where it is nesting. Beyond that, the Swan River flowed. Galahs, chests as pink as those any number of Englishmen will be sporting in a couple of weeks’ time, snuffled on the grass. Other birds flitted around the park, even those with less eye‑catching plumage sporting eye‑catching names: black-faced cuckooshrikes; willie wagtails. Um, ducks

about 12 hours ago
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Helen Goh’s recipe for pear, chocolate and hazelnut torte | The sweet spot

4 days ago
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More than a third of whisky drinkers are female. Time for the industry to wake up to women

4 days ago
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Jimi Famurewa’s recipe for Marmite and leek homity pie

5 days ago
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$1.50 mangoes: Australia’s best-value fruit and veg for November

5 days ago
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How to turn the dregs of a tin of golden syrup into a delectable toffee sauce – recipe | Waste not

5 days ago
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Mirepoix kimchi and vegetarian umami chilli: Kenji Morimoto’s recipes for cooking with homemade ferments

6 days ago