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"You'll spoil imaright's bank holiday weekend posting this - If his Pi55 wasn't already boiling it will be now "
Well, let's not take any chances on that.
https://www.statista.com/statistics/1370734/clearsprings-ready-homes-ltd-gross-profit/
It seems like the Tories do still have friends.
"they will be purchased with a stranglehold mortgage by hardworking people and we know who will be getting the rental ones and who will be paying the rent?"
Lloyds do state a commitment to increasing social housing, but this is not through being a social landlord. They campaign and they finance the social housing sector. Citra homes appear to be all for either rent only, or rent to buy. I see it increasing product sales indirectly in the long term by persuading more renters to become purchasers. I dont believe that any of those new homes you mention will help large families whose sole income is state benefit. I assume from your comment this is a specific prospect that concerns you. Gloucester LHA limit is £276.16 a week for a 4 bed house and looking at comparator prices https://www.zoopla.co.uk/to-rent/houses/4-bedrooms/gloucester/ suggests that it isn't really you that has to worry.
You'll spoil imaright's bank holiday weekend posting this - If his Pi55 wasn't already boiling it will be now 😂😂😂
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Hi TFE
'If there's some way labour can extract monies from the rental sector, landlords or tenants, rest assured they will find a way'
As if the present government hasn't!
Any one else's AdBlock stopped working, all these adds popping up are slowing the site down, worked OK last week
Morning TFE.
yes post too long
yes, well done to labour.
after the constant daily rollout of shadow ministers and various underling's spouting the same ol' same ol' rhetoric about ‘14 years’ and announcement of new ideas, they've managed to appease and confuse enough of the uneducated, the feckless and the just plain dumb to give them their vote. they didn't even notice that when these ideas (well they're not policy's are they?) were questioned, they had to be quietly withdrawn because they were unattainable.
none of this will matter to most of them because they know that they won't have to pay for the inevitable failure of this or any socialist government. mainly because they will be unemployed, on long-term benefits, or have made enough being in the ‘pay’ of their masters.
that's the ever expanding government machine that has been created by successions of labour governments to assist in the hairbrain ideology of the left.
as to the local elections-conclusion. luckily for the ever dwindling people who actually do a day's work and try to pay their way. when the election date is announced the so-called unassailable lead labour is enjoying will shrink considerably. as shown by these results their perceived majority will disappear and the populace will gain some comfort that a hung parliament will result. at least it might put a halt to some of their costly socialist schemes, but don't hold your breath.
sadly they've either brainwashed enough people or they're too young to know the inevitable failure of socialism that the result, will probably be a change of government. i say sadly, because the decent working element who have paid their way and managed to save a few bob will bear the brunt of starmer and his cohorts failures.
as stp has mentioned in the past, this post will be too long for him as his attention span is somewhat limited. either that or he comes under the aforementioned
‘uneducated, feckless and the just plain dumb.’
not to mention the bile being exhorted by the likes of mick-b and various others. he was quoting wes streeting, who tweeted about '******s, white supremacists and islamophobes’ with some of his own bitterness added. which sadly shows the real underbelly of what labour stands for and the direction they would take this country.
enjoy your bank holiday weekend all.
Hi Stagecoach, i cannot see Citra being a major contributor to group profits. Your statement " Stick to what you know best" has lessens from lloyds history. Black horse agencies was started in 1982. The bank aquired a total of 370 agencies which were sold to bradford and bingley in1998 for £50m i believe. This resulted in a loss of over £100m being written down. In the process many eastate agents were made millionaires at the expense of the shareholders.
Lessons....
High quality build - to - rent markets have worked well for long established and experienced players like Legal & General over the last few years, maybe not so good for new entrants like Lloyds, Goldman Sachs and Macquarie Bank who are now trying to jump on the bandwagon and are rushing to put record amounts of shareholders cash into the capital intensive build - to - rent sector.
Stick to what you know best............Banking !
I know the new Barratt Homes development near Gloucester. There are some nice detached houses being built, but unfortunately, they will be purchased with a stranglehold mortgage by hardworking people and we know who will be getting the rental ones and who will be paying the rent?
“ Where does this 35% discount come from? As far as I can tell rent to buy opens the possibility of shared ownership after 5 years, where the tenant is given the option to purchase a stake in the property.”
I believe now this discount is for Local Authorities owned property, not the private sector. The other information you posted explains it well for private landlords and I was originally thinking that the LA options applied to the private sector as well, which it doesn’t.
If there's some way labour can extract monies from the rental sector, landlords or tenants, rest assured they will find a way.
I've only glanced at this thread, but this is what I've quickly found.
https://www.citra.co.uk/pathways/
"Your pathwayfrom renting to home ownership
We provide quality rental homes in places where people want to live and work, with a focus on new homes for families and professionals.
We also realise it can be difficult to get your foot on the property ladder and we want to help you own your home.
Our Pathways scheme lets you try before you buy. You can choose to rent for as long as it suits you, and then later you can buy your home through shared ownership. In most cases, you’ll only need a deposit of 5% of the share you’re buying."
https://www.gov.uk/guidance/capital-funding-guide/2-rent-to-buy#:~:text=1%20Organisations%20must%20be%20Registered,1.3.
"1.3.4 After the initial five year letting period the provider may continue offering the property as Rent to Buy; sell the home on an outright basis with the tenant being given the right of first refusal; or retain and convert the home as rented housing on either an affordable or market rent basis."
"2.1.3 If, after the initial five years of letting, the landlord wishes to sell the property the existing tenant should have the right of first refusal.
2.1.4 If at any point after the initial five years of letting the tenants submit a request to buy their home, it is expected that the landlord would agree to sell except in the most exceptional circumstances."
https://www.gov.uk/guidance/capital-funding-guide/1-help-to-buy-shared-ownership
Where does this 35% discount come from? As far as I can tell rent to buy opens the possibility of shared ownership after 5 years, where the tenant is given the option to purchase a stake in the property.
“ I thought the right to buy only applies to Local Authority tenants or Housing Association tenants? I t does not apply to private landlord tenants, and Lloyds will be a private landlord.”
OK, that clears it up, thanks. Was getting concerned for a while that this was going to be a disastrous venture for LBG.
Forgot to post this link.
https://lordslibrary.parliament.uk/right-to-buy-past-present-and-future/#:~:text=the%20local%20authority.-,1.2%20Housing%20Act%201980,to%20buy'%20their%20own%20home.
I thought the right to buy only applies to Local Authority tenants or Housing Association tenants? I t does not apply to private landlord tenants, and Lloyds will be a private landlord.
I have been looking at R2B and if I have got this right it could be a disaster for LBG. My understanding as an example is if a tenant has been in two rental homes and had two different landlords they qualify for four years R2B. This tenant then moves into a LBG rental home and at the end of the year they have reached the five qualifying years to invoke the R2B.
So as an example this tenant is in a LBG home that was built new say for 400K, to keep things simple we will say at the end of year one it is still worth the same. The tenant now is wanting to buy the property and with the 35% discount they see a sum of 140k but the cap is 102k which means the tenant can buy the house for 300k. Very nice deal, wished I could have had something similar when we had a straightforward mortgage and paid for it in full!
In that first year let’s say the rental income was 20K and now LBG are forced to sell it at 300k, that translates into a thumping loss, how can LBG justify any loss like this to us the shareholders? In fact any private landlord is potentially not going to see the rental market being a fair business opportunity.
If I have this totally wrong I am happy for someone to explain it so that I understand how this benefits LBG and others.
“ Citra Living, part of Lloyds Banking Group, is to bring more than 150 new family homes to the rental market in Gloucestershire. ”
I assume this means that the tenants will have a right to buy after five years if they wish with a 35% (or with max cap) discount? I don’t see how this is going to benefit us as shareholders if LBG is forced to sell them again after such a short time scale. The amount they derive from rental income has the potential to be wipe out. Have I missed something?
Citra Living, part of Lloyds Banking Group, is to bring more than 150 new family homes to the rental market in Gloucestershire.
Citra, which owns and operates a portfolio of more than 2,000 homes across the UK, has acquired 156 new properties from the country’s largest housebuilder Barratt as part of a strategic partnership between the two.
The homes are situated at Barratt Homes Bristol’s new Winnycroft Lane development in Matson, near Gloucester.
The portfolio acquired by Citra includes a mix of 2, 3 and 4-bedroom properties, with the first homes expected to be ready for families to move in this summer.
https://www.landlordtoday.co.uk/breaking-news/2024/4/lloyds-banking-group-expands-private-rental-portfolio-again
Brix
"28% buyback complete & only 52p =Motor Finance thingy-bob stuff 😏"
True, also it means more shares to be bought back with the remaining 72%.
Interim divi increase history -
2015 - 0.75
2016 - 0.85 +13.3%
2017 - 1p +17.6%
2018 - 1.07 +7%
2019 - 1.12 +4.67%
2020 - 0
2021 - 0.67
2022 - 0.8 +19.4%
2023 - 0.92p +15%
2024 - 1.06p? +15%
“ LTI states below he has told the BoD that dividend will be 3p this year??”
He might be right that this years divi will be near the 3p mark. When the divi started after the Covid drought the BoD reduced it by nearly 40% to start at 2p. Then they announced as LTI said an handsome yearly uptick on the divi which is also correct at nearly 20% for the last two years.
This isn’t going to be sustainable for much longer as if they did it again we could be looking at a divi of about 3.3p for this year which somehow I doubt will happen but would gladly take it if they do. 3.3p takes us back to the level of about 2018. That is six years just to get back to a previous divi of value.
My gut feeling is that for the next two years the divi will increase by about 9-10% each year and then we will be looking at about 3.3p.
The only next step change upwards will be if the next two or three years sees a continuation of buybacks. If the shares in circulation comes in at 50B and the pot is the same as now then in three years time the divi could be around 3.6p a share. I could settle for that in retirement but of course would always like more but I feel that the 3.6p is more realistic and anything above that will be a bonus. May even see a special kicking in at this time.
Just my ramblings on ‘what if’