Lloyds has grown its rental portfolio to 1,000 properties and has another 700 in the pipeline as it bids to become one of the UK’s biggest landlords. However, its latest targets within the build-to-rent sector are far off its original objectives.

The bank has some way to go if it is to meet its target of buying and operating 10,000 homes under its Citra Living brand by the end of 2025.

When it launched in 2021, Lloyds boasted that it intended to acquire 50,000 build-to-rent properties by 2030, which would have made it the biggest UK landlord.

Citra operates 1,000 homes in locations including Chesterfield, Yate, Ashford, and Brentford, and those under development include Northumberland, Cramlington, and Gaydon. Last week it bought 124 BTR apartments at a regeneration project in Warley. However, to hit its target of 50,000 units by 2030, Lloyds will need to buy a BTR site like that one every week for the next seven years.