0:01 AM, 19th April 2023, About 3 years ago 51
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Lloyds Bank says that because landlords offer ‘poor and exclusionary practices’, they are teaming up with the homeless charity Crisis to start a new lettings agency.
It says the new venture ‘will be fair for tenants and fair for landlords’.
The bank says that homeless people won’t be asked to provide rent in advance, and they won’t need to meet strict reference requirements.
Charlie Nunn, Lloyds Banking Group’s chief executive, said: “A good home is a fundamental human need, and yet the reality is a chronic lack of affordable housing in the UK.
“This means there are too many people trapped in a cycle of temporary accommodation, or living in poor, sometimes dangerous conditions.
“This cannot be right and is why we are announcing our new partnership with Crisis – calling for one million new social homes to be built by 2033, with the clear focus on helping people who are most at risk of homelessness.”
The lettings agency will start later this year in London with the ambition to roll it out across Great Britain – making it the first GB-wide not-for-profit lettings agency.
It will draw on the successful record of the award-winning Homes for Good, Scotland’s first social enterprise lettings agency.
The aim is to deliver one million new social homes that will be built over the next 10 years.
The new two-year partnership comes as Crisis reveals there are nearly two million households on low incomes that are living with poor conditions such as mould, damp and overcrowding.
It says that those on low incomes are also experiencing rapidly rising rents and increasing cost of living pressures.
And it has data that shows 2.5 million households worry they will either be forced into poor living conditions or will have to remain in already substandard homes.
The report also highlights that more than 200,000 families and individuals who tried to move last year were forced to accept a property that was unsuitable or in poor condition.
The chief executive at Crisis, Matt Downie, said: “Our new partnership with Lloyds Banking Group will ensure we can take the bold action that is desperately needed to begin tackling the biggest issue facing the people we support – the chronic shortage of good quality, affordable housing.
“Our new lettings agency will mean we can help people experiencing homelessness directly into a safe, settled homes, the essential foundation they need to rebuild their lives.”
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Two months rent in advance?
Monty Bodkin
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Member Since June 2014 - Comments: 1549
7:34 AM, 19th April 2023, About 3 years ago
Is this a wind-up?
Reluctant Landlord
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Member Since September 2018 - Comments: 3443 - Articles: 5
9:30 AM, 19th April 2023, About 3 years ago
April 1st has passed….
hahahah – a lettings agency? So they still need to use landlords to actually provide property then!
I can see LL’s queuing up for this ‘opportunity’ to take on such tenants….
Grumpy Doug
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Member Since January 2016 - Comments: 230
10:28 AM, 19th April 2023, About 3 years ago
Hilarious, just made my day!! Obviously millenniums who never knew of Lloyds unsuccessful foray into the world of estate agency – Black Horse Agencies anyone? Long gone without a trace and at huge cost.
I look forward to the story of their first rogue tenant who refuses to pay the rent and trashes the house … only if it’s in one of Lloyds’ houses mind.
Monty Bodkin
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Member Since June 2014 - Comments: 1549
10:59 AM, 19th April 2023, About 3 years ago
“The bank says that homeless people won’t be asked to provide rent in advance, and they won’t need to meet strict reference requirements.”
How many of these homes will be available (and affordable) for the homeless?
https://propertyindustryeye.com/lloyds-bank-expands-property-portfolio-with-purchase-of-110-properties-in-kent/
Lloyds Bank has purchased more than 100 new build flats in Kent
SteveFowkes
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Member Since February 2021 - Comments: 106
11:14 AM, 19th April 2023, About 3 years ago
Reply to the comment left by Monty Bodkin at 19/04/2023 – 10:59
Yeah just wait until they get a non-paying tenant and a trashed house!
Mmmm – Black Horse…
Reluctant Landlord
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Member Since September 2018 - Comments: 3443 - Articles: 5
11:23 AM, 19th April 2023, About 3 years ago
“The bank says that homeless people won’t be asked to provide rent in advance, and they won’t need to meet strict reference requirements.”
That maybe true but they probably cant afford the rent in the first place so this is all empty words!.
Mentions nothing of a deposit (money coming from where exactly?) or personal reference checks, or any previous rental history checks/eviction proceedings/ASBO concerns….
If this is true, I bet the person renting an attached property will be absolutely thrilled at this prospect of having a complete ‘unknown’ next door….
hahahahahah!
Seething Landlord
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Member Since January 2020 - Comments: 1102 - Articles: 1
11:30 AM, 19th April 2023, About 3 years ago
Interesting that Lloyds Bank are not offering to fund the building of one million homes but simply going to call for them to be built.
Why not call for 2 million homes to be built if there are 2 million households currently in need of better accommodation or 4 million to meet the need in 10 years time.
It’s all pie in the sky but I expect they will be overwhelmed with private landlords wanting to engage them as letting agents – not.
Paul Maguire
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Member Since June 2013 - Comments: 126
11:31 AM, 19th April 2023, About 3 years ago
They’re simply setting the stage for future repossessions. Banks always find profit in a crisis.
Alexandra
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Member Since January 2021 - Comments: 52
11:36 AM, 19th April 2023, About 3 years ago
I have just re read this article for the fourth time and I genuinely do not understand what the plan is – it is unclear where these homes are coming from – who is going to provide them? Is it saying that Lloyds are going to fund/ build and rent out 1 million new social homes? Or are they hoping other organisations or existing Landlords or even Councils are going to do it via their soft and cuddly all inclusive new lettings agency? Mmmm – if Lloyds intend to fund this then it will be interesting to see what happens when a large proportion of their investment gets trashed, rents go unpaid etc. As a business venture this seems pretty far fetched…..
Marcus
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Member Since April 2017 - Comments: 40
11:39 AM, 19th April 2023, About 3 years ago
I wonder if they would provide a BTL mortgage to someone who intended to rent out to the type of tenant they refer to ?