We want an independent investigation into Lloyds Bank’s intention to become the UK’s largest landlord. Lloyds Bank is already the UK’s largest mortgage provider, and this plan would put them in direct conflict with their own clients: first time buyers, renters and small-scale landlords.

Why is this important?

Lloyds Bank have made plans to become the UK’s biggest private landlord by buying 50,000 units of housing within the next 10 years. (1) This is a dangerous development that would allow Lloyds to have a monopoly over the housing market to artificially control housing supply and rent prices for their own gains. This scheme may influence other banks to take the same steps.

The UK already has an extreme housing shortage, and allowing Lloyds into the sector situates them in direct competition with their own clients, edging out prospective first-time buyers, up-scaling families, and small and local landlords.

Lloyds has an unfair advantage to all other house purchasers as it has access to millions of pounds of collective depositors money which it can use to out-price those very customers from the market.

This announcement is especially troubling considering Lloyds' pernicious track record of destroying many small businesses. It will now have an added incentive for closing SMEs because it could itself buy back the stock itself at rock-bottom prices. Banks like Lloyds and RBS have already done this before in areas like Bristol (2) and Reading (3). 

We must obtain guarantees from the government that Lloyds will not be able to use its massive reserves to obtain a stronghold on the housing market, diminishing renters' and homeowners' rights. 

The long and short of it.

Lloyds cannot operate as both the U.K.'s largest private landlord AND mortage lender without proper protections in place. Lloyds. We must launch an investigation to #SaveTheHomes and protect aspiring homeowners, renters and SME landlords.

(1)    https://www.ft.com/content/e9dc9617-f059-4de6-b43a-d5e9978d8c0b

(2)    https://www.bbc.co.uk/news/uk-england-bristol-54630259

(3)    https://www.telegraph.co.uk/business/2020/03/08/lloyds-bank-anatomy-scandal/