LATEST: Lloyds Bank buys first rental properties as it rolls out PRS project

Lloyds Banking Group is close to buying its first rental properties in a bid to go head-to-head ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - LATEST: Lloyds Bank buys first rental properties as it rolls out PRS project | LandlordZONE.

LATEST: Lloyds Bank buys first rental properties as it rolls out PRS project

Lloyds Banking Group is close to buying its first rental properties in a bid to go head-to-head with private landlords.

The UK’s largest mortgage lender has reportedly agreed to acquire a block of flats in Nene Wharf, Peterborough, and could start renting them out as soon as next month.

Lloyds is expected to manage the 50 residential units through a subsidiary called Citra Living.

It first announced plans to enter the sector in March, targeting new and existing housing stock across the UK as it searches for sources of revenue.

The plan – – is set to bring in another source of income for Lloyds after it saw profits tumble by 72% to £1.2 billion last year as it battled the economic fallout of the pandemic.

Lloyds aims to take advantage of its low funding costs, strong brand name and knowledge of the housing market to become a major player in the sector, and believes it can offer better quality and more professional services to renters than many existing landlords. 

The move could pave the way for Lloyds to sell other products to prospective tenants, such as insurance or loans for deposits.

The lender has also directly invested in several housing projects with smaller developers in recent years through a partnership with Homes England.

Broadening access

Lloyds says: “As we stated in our full-year results in February, we are committed to broadening access to home ownership and exploring opportunities to increase our support to the UK rental sector.”

It’s not the first financial institution to get into property; Legal & General is a huge housebuilder, leaser and landlord of private rented property, while John Lewis announced plans earlier this year to build a residential property portfolio to offset weakness in its high street stores.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - LATEST: Lloyds Bank buys first rental properties as it rolls out PRS project | LandlordZONE.

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Blackpool bags £1m in selective licensing fees from local landlords

Blackpool Council is funding a dedicated anti-social behaviour officer to drive home the benefits of its selective ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Blackpool bags £1m in selective licensing fees from local landlords | LandlordZONE.

Blackpool bags £1m in selective licensing fees from local landlords

Blackpool Council is funding a dedicated anti-social behaviour officer to drive home the benefits of its selective licensing scheme.

The authority has now collected nearly £1 million in fees since it launched the most recent scheme in March 2019 in the town’s central area and reports that its housing enforcement team’s Housing, Health and Safety Rating System assessments have resulted in rising penalties – mainly for poor heating – with 48 notices issued in 2020/2021 compared to 27 in 2016/2017.

Blackpool also has four other selective licensing schemes

In the last two years, 1,712 properties in the central area of Talbot, Brunswick and Bloomfield wards have paid out £775 for a licence, pocketing the council £947,890 and resulting in eight prosecutions and three civil penalties for failure to license.

Blackpool’s fourth selective licensing scheme is funding the dedicated ASB officer who is responsible for taking enforcement action and dealing with difficult tenants.

Tenant behaviour

Council housing enforcement manager Alex Bracken told a meeting of the audit committee: “I can say with great certainty that landlords now know they are accountable for the behaviour of tenants. They didn’t accept it at the beginning, but they do now.”

Although it was too early to have figures showing the impact of measures in central Blackpool, a previous selective licensing scheme covering Claremont had seen incidents of anti-social behaviour fall by 43%, the meeting was told.

The council is also one of five across the UK being used to pilot a supported housing scheme; Blackpool has received funding from central government to study how far enforcement can be taken in respect of regulating the supported housing sector and whether improvements can be made.

It has identified 145 properties that provide supported housing to inspect, 26 properties have been inspected, and 43 category two defects have been found.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Blackpool bags £1m in selective licensing fees from local landlords | LandlordZONE.

Source : Landlord Zone More   

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