The bank’s intentions to move into the PRS were first reported in early March this year via the Financial Times under the moniker ‘Project Generation’.

Lloyds says that Citra Living “will initially start small, with a focus on buying and renting good quality newly built properties.”

It has earmarked the 45 flats at the Fletton Quays development in Peterborough as its first purchase, with an aim to acquire, “around 400 properties by the end of the year,.” It wants to target 800 for 2022.

The bank says that one in five UK households rent currently and that it expects this to increase over the next five years.

Citra Living managing director Andy Hutchinson comments: “We want to ensure everyone has access to stable and affordable homes.

“For an increasing number of people that means renting, but it shouldn’t mean quality is compromised.

“In order to meet the growing demands of the rental market, Citra Living will look to partner with developers to ensure a consistently high standard of properties is available to rent.

“Through Citra Living we want to ensure more people have access to good quality, affordable, new build rental properties, that they can consider their home.”