Business

Lloyds Banking Group aims for 50,000 homes in its private rental empire by 2030

Wednesday, 12 November 2025 5:03AM UTC

Lloyds Banking Group's Lloyds Living division, now valued at £2 billion, is rapidly expanding its private rental portfolio with ambitions to become the UK's largest private landlord by 2030, while backing socially responsible housing initiatives.

Lloyds Banking Group’s Built To Rent division, Lloyds Living, has quietly become one of the UK’s largest private landlords, with its portfolio now valued at approximately £2 billion. Since its launch in 2021, the group has acquired around 7,500 properties, a 50% increase in stock over the last year. Although the bank will fall short of its original goal of acquiring 10,000 homes by the end of 2025, its rapid expansion already places it just behind major landlords such as Legal & General, M&G, and Grainger. The bank says the expansion is aligned with its strategic aim of increasing access to good-quality, affordable housing nationwide while diversifying its income streams.

The group recently appointed Matt Burgess as the permanent CEO of Lloyds Living. Burgess, who has been acting CEO since earlier this year, joined Lloyds in 2021 after extensive experience in property consultancy at JLL and investment roles at HSBC. His background also includes co-founding a property technology start-up, bringing significant expertise to the growing residential division. Lloyds Living is now focusing solely on the Build To Rent sector, reflecting a strategic decision to specialise in this segment of the private rental market.

In a further move to introduce social purpose into private renting, Lloyds has launched Good Place Lettings, a joint venture funded by Lloyds and the National Lottery Community Fund, which aims to improve the quality and social impact of rental housing in London. This initiative underscores the bank’s broader commitment to tackling housing challenges beyond pure investment.

Lloyds Banking Group continues to play a substantial role in the wider UK housing market. As the country’s largest mortgage lender, it has supported around 65,000 first-time buyers in 2024 alone and has provided approximately £100 billion in mortgage financing since 2018. Through partnerships with Homes England and Barratt Developments, Lloyds is also helping deliver tens of thousands of new homes to meet rental demand. In addition, the group has committed £200 million to assist smaller local housing providers, particularly those supporting vulnerable populations such as the homeless and people with special needs.

The bank is also pioneering redevelopment projects to convert decommissioned office and data centre sites into social housing. The first project in Pudsey, West Yorkshire, is set to create up to 80 new homes for social rent, reinforcing Lloyds’ dedication to addressing urgent housing shortages and raising the supply of affordable homes.

Looking ahead, Lloyds has ambitions to become the UK’s largest private landlord by 2030, with a target of owning 50,000 homes, potentially expanding its portfolio value to £4 billion. This strategy, if realised, would place Lloyds ahead of the current largest private landlord, Grainger, which holds approximately 9,100 properties worth around £2.1 billion.

Recent acquisitions highlight Lloyds Living’s ongoing growth, such as the purchase of 821 homes across Greater Manchester, Merseyside, and the West Midlands from a joint venture between Sigma Capital Group and Gatehouse Living Group. These homes, featuring family-sized properties and apartments with high energy performance ratings, boast a 99% occupancy rate and access to local amenities, reflecting the division’s focus on quality rental housing.

Overall, Lloyds Banking Group is steadily solidifying its position in the UK’s private rental sector while integrating socially responsible initiatives and wider housing market support, demonstrating a multi-faceted approach to addressing the country’s housing needs.

📌 Reference Map:

^[1] (Landlord Today) - Paragraphs 1, 2, 3, 6, 9
^[2] (Financial Times) - Paragraphs 1, 2, 3, 6
^[3] (Lloyds Banking Group) - Paragraph 4
^[4] (Lloyds Banking Group press release) - Paragraph 5
^[5] (The Independent) - Paragraph 7
^[6] (The Business Desk) - Paragraph 8

Source: Noah Wire Services

More on this

https://www.landlordtoday.co.uk/breaking-news/2025/11/lloyds-banks-private-rental-empire-now-worth-2-billion/ - Please view link - unable to able to access data
https://www.ft.com/content/3c59c0bd-5f8c-491b-8f25-c0dab8669c48 - The Financial Times reports that Lloyds Banking Group's Built To Rent division, known as Lloyds Living, has grown its portfolio to approximately 7,500 properties since its launch in 2021, now valued at £2 billion. This expansion positions Lloyds as one of the UK's largest private landlords, trailing only Legal & General, M&G, and Grainger. Despite missing its original target of 10,000 properties by the end of this year, the portfolio has increased by 50% over the past year. Lloyds attributes this growth to its strategic aim of providing good quality, affordable housing nationwide and contributing to the group's diversified income streams. The company has also appointed Matt Burgess as the new CEO of Lloyds Living, who previously held roles at JLL and HSBC. Additionally, Lloyds has launched Good Place Lettings, a joint venture with the National Lottery Community Fund, aiming to bring more social purpose to the private rental market in London.
https://www.lloydsbankinggroup.com/insights/lloyds-banking-group-2024-putting-power-into-the-hands-of-customers.html - Lloyds Banking Group, as the UK's largest mortgage lender, has provided around £100 billion to first-time buyers since 2018, supporting 65,000 in 2024. The group is also committed to increasing the supply of good-quality, affordable housing nationwide. Through its partnership with Homes England and Barratt Redrow, Lloyds aims to deliver tens of thousands of new homes, addressing the growing demand for rental properties. The group has also made a £200 million financing commitment to support small, local housing providers, focusing on those experiencing homelessness or with special needs, to increase the number of quality homes available for those most in need.
https://www.lloydsbankinggroup.com/media/press-releases/2024/lloyds-banking-group-2024/group-to-convert-offices-into-social-housing.html - Lloyds Banking Group has announced plans to redevelop decommissioned data centres and former office sites into new social housing projects. The first redevelopment in Pudsey, West Yorkshire, is set to create up to 80 new homes available for social rent, aiming to increase the supply of good, affordable homes in the UK. This initiative is part of the group's broader commitment to supporting social housing and addressing the housing needs of those most in need.
https://www.the-independent.com/news/business/lloyds-bank-aims-to-be-uk-s-biggest-private-landlord-by-2025-b1905081.html - Lloyds Banking Group plans to become one of the UK's largest private landlords, aiming to acquire 50,000 homes in the next 10 years. Through its Build To Rent arm, Citra Living, the bank has set a target of reaching 10,000 properties by the end of 2025, with a further aim to hit 50,000 by 2030. This expansion would create a portfolio worth £4 billion, generating pre-tax profits of around £300 million, positioning Lloyds to overtake the UK's current largest private landlord, Grainger, which has 9,100 properties worth around £2.1 billion.
https://www.thebusinessdesk.com/northwest/news/2141343-lloyds-bank%E2%80%99s-build-to-rent-arm-swoops-for-820-homes - Lloyds Living, the Build To Rent arm of Lloyds Banking Group, has acquired more than 800 homes across the North West and Midlands, boosting its portfolio to 5,000 homes. The division purchased 821 single-family homes across nine schemes in Greater Manchester, Merseyside, and the West Midlands from a joint venture between Sigma Capital Group and Gatehouse Living Group. The homes, comprising two, three, and four-bedroom properties, as well as low-rise apartments, have an occupancy rate of 99%, with residents benefiting from access to local amenities and high energy performance ratings.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative presents recent developments, including the valuation of Lloyds Living's portfolio at £2 billion and the appointment of Matt Burgess as CEO. However, similar reports have appeared in June 2025, such as the expansion of Lloyds Living's rental portfolio by nearly 600 homes through a partnership with Barratt Redrow. ([landlordtoday.co.uk](https://www.landlordtoday.co.uk/breaking-news/2025/06/lloyds-deep-corporate-pockets-allow-it-to-expand-rental-portfolio/?utm_source=openai)) Additionally, in September 2024, Citra Living (now Lloyds Living) acquired a development in Manchester, increasing its portfolio to around 4,300 homes. ([landlordtoday.co.uk](https://www.landlordtoday.co.uk/breaking-news/2024/09/lloyds-bank-boosts-rental-portfolio-after-mystery-purchase/?utm_source=openai)) The report also references a Financial Times article from June 2025, indicating that the narrative may be based on a press release, which typically warrants a high freshness score. ([landlordtoday.co.uk](https://www.landlordtoday.co.uk/breaking-news/2024/10/jaw-dropping-cost-to-landlords-of-milibands-epc-targets/?utm_source=openai)) The inclusion of updated data alongside older material suggests that while the report is timely, it may incorporate recycled content.

Quotes check

Score: 9

Notes: The narrative includes direct quotes from Lloyds Living CEO Matt Burgess and other stakeholders. A search reveals that similar quotes have been used in previous reports, such as the June 2025 article discussing the partnership with Barratt Redrow. ([landlordtoday.co.uk](https://www.landlordtoday.co.uk/breaking-news/2025/06/lloyds-deep-corporate-pockets-allow-it-to-expand-rental-portfolio/?utm_source=openai)) This repetition suggests that the quotes may have been reused, potentially indicating recycled content.

Source reliability

Score: 7

Notes: The narrative originates from Landlord Today, a publication focusing on property and landlord news. While it provides detailed information, the publication's reputation and editorial standards are not widely known, which may affect the reliability of the information presented. The report also references a Financial Times article, a reputable source, which adds credibility to the narrative.

Plausability check

Score: 8

Notes: The claims about Lloyds Living's portfolio valuation and strategic initiatives align with known industry trends and previous reports. The narrative includes specific figures and dates, enhancing its credibility. However, the repetition of quotes and the inclusion of older material alongside updated data may raise questions about the originality and freshness of the content.

Overall assessment

Verdict (FAIL, OPEN, PASS): OPEN

Confidence (LOW, MEDIUM, HIGH): MEDIUM

Summary: The narrative presents plausible and timely information about Lloyds Living's growth and strategic initiatives. However, the repetition of quotes and the inclusion of older material alongside updated data suggest that the content may be recycled or based on a press release. The source's reliability is uncertain due to the publication's limited reputation. Therefore, while the information is plausible, the overall assessment is open, with medium confidence in its accuracy.

Housing
Build To Rent
Landlords