Lloyds grows build-to-rent portfolio to 7,600 homes after latest deal with house builder

Lloyds Living Property Management will manage the homes, with the first completions expected in October.

Matt Burgess, chief executive officer of Lloyds Living, said: “This new deal represents two fundamental parts of what we do: working with great partners, like Keepmoat, and delivering high-quality suburban homes to the rental market in the places they are needed.”

Lloyds Living was launched as Citra Living in 2021. Its latest deal has brought its portfolio to 7,600 homes, worth more than £2bn.

The private rental business has become one of the UK’s largest private landlords and a top five UK-listed residential landlord, behind Legal & General, M&G and Grainger.

A report by Savills this year said that Lloyds Banking Group was one of the largest investors in suburban houses in the UK in 2024.

Lloyds Living’s target was for a portfolio of 10,000 properties by the end of this year. Although it is set to miss this, its pace of expansion has increased recently with its property numbers growing by 50% in the past year.

Last month, the private rental business appointed Matt Burgess as its permanent chief executive. Mr Burgess was already Lloyds Living’s acting chief executive after Andy Hutchinson stepped down earlier this year.

At the time, Mr Burgess said: “Lloyds Living has gone from a startup to a portfolio of over 7,300 homes in four years, which is testament to the effort of the whole team.”

In the summer, Inside Housing revealed that Lloyds Living had bought 598 suburban houses from house builder Barratt Redrow, marking the second major deal between the two companies, which formed an ongoing strategic partnership in 2021. More than 2,200 of Lloyds Living’s homes are part of the Barratt Redrow strategic partnership.