Major bank to convert old data and office sites into social housing amid new £200m sector investment

Lloyds also made a £200m financing commitment to support local providers of housing for those experiencing homelessness and individuals with special needs.

It will enter the market to own “good-quality” housing for families at risk of homelessness.

Through its Citra Living brand, Lloyds will acquire homes and work with housing organisations and local authorities to “lower the costs of providing suitable and good-quality accommodation for families who are currently living in temporary accommodation”.

A pilot scheme will begin in August in Cambridge, with plans to roll the initiative out to other cities across the UK.

Earlier this year, the bank came out in support of Inside Housing’s Build Social campaign, which is calling on the government to commit to building tens of thousands of social rent homes a year.

The announcements came as the Social Housing Initiative – launched by Lloyds chief executive Charlie Nunn last summer – held a conference to mark its one-year anniversary.

The bank will also publish a white paper on “the need for a new era of investment in social housing”.

Mr Nunn said: “Everyone has the right to build a future from the foundation of a secure home.

“Social housing is part of this country’s critical infrastructure, and we need to direct and increase investment into the right homes, in the places they’re needed most.

“Lloyds Banking Group has provided £17bn of support to the sector since 2018 and today we also have announced our plans to redevelop decommissioned group data centres and former office sites for new housing projects. I would encourage others to also consider this.

“We’re also making a major financing commitment to housing providers, and through Citra Living we will own good-quality homes to be made available for those most in need. In partnership across the private, public and third sectors, we can create more good-quality, genuinely affordable homes.”

Lloyds is not the only bank ramping up its commitment to housing. In March, Natwest pledged to lend £5bn to the sector over the next three years.