In conjunction with his target, Lloyds has recently launched its Citra Living brand as the banking group moves into the private home rental market and diversifies its offering away from traditional lending amid low interest rates. Although Lloyds has recently signed a strategic partnership with Barratt Developments, one of the largest residential property developers in the UK, the banking group plans to push into the property market with a gradual, staged approach.

The Financial Times said that the banking group’s internal job advert showed Citra Living has set a “strategic challenge” of purchasing 10,000 properties by 2025, with the balance sheet worth approximately £4 billion. By 2030, the group hopes to own 50,000 properties.

Lloyds began to work towards its 2025 target in July of this year, purchasing 45 flats at the Fletton Quays development in Peterborough, Cambridge. The group said it aims to acquire an additional 400 properties by the end of the year, aiming for a target of 800 by 2022.