Lloyds to ‘actively enter market’ to own housing for families at risk of homelessness
Lloyds Banking Group has said it will become the first UK bank to “actively enter the market” to own housing for families at risk of homelessness, as part of a new strategy through its landlord subsidiary.
Lloyds has announced that it will partner with social landlords to lower the costs of providing suitable housing for families living in temporary accommodation (picture: Alamy)
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The high street bank said it will use Citra Living, a private rental sector landlord it launched in 2021, to acquire “good-quality housing” that will be available for families at risk of homelessness.
It will work in partnership with housing organisations and local authorities to lower the costs of providing suitable housing for families living in temporary accommodation.
The initial pilot scheme will begin in August in Cambridge, with plans to roll out to other cities across the UK.
Lloyds said the homes will be sourced to address the particular needs of local authority areas and the pilot will focus on directly supporting families that are either homeless or in unsuitable temporary accommodation.
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Redevelopment of its estate
The bank has also announced intentions for the redevelopment of decommissioned group data centres and former office sites into new social housing projects.
Lloyds has plans to identify suitable housing partners in the regions who will be responsible for redeveloping the sites to increase the availability of social housing.
The first site will be the redevelopment of a former office and data centre in Pudsey, West Yorkshire in 2026. Subject to planning permission, this will create up to 80 new homes that could be available for social rent.
Lloyds said that a full review of the group’s legacy commercial real estate portfolio is currently under way, with plans progressing to finalise additional sites that could also be developed into social housing by housing partners in the coming years.
£200m financing
The bank said it is also making a new £200m financing commitment to support local providers that provide housing “for those who need it most”. This will focus on those experiencing homelessness or individuals with special needs.
This financial commitment will enable small housing providers across the country to increase the number of homes they are able to make available for “the most in need”, Lloyds said.
Commenting on the announcements, Charlie Nunn, chief executive of Lloyds Banking Group, said: “Everyone has the right to build a future from the foundation of a secure home.
“Social housing is part of this country’s critical infrastructure, and we need to direct and increase investment into the right homes, in the places they’re needed most.
“Lloyds Banking Group has provided £17bn of support to the sector since 2018 and today we also have announced our plans to redevelop decommissioned group data centres and former office sites for new housing projects – and I would encourage others to also consider this.
“We’re also making a major financing commitment to housing providers, and through Citra Living we will own good-quality homes to be made available for those most in need. In partnership across the private, public and third sectors, we can create more good-quality, genuinely affordable homes.”
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