As reported by the Financial Times, an internal job advert for the lender’s Citra Living unit outlines plans for the bank to buy 10,000 properties by the end of 2025 and a total of 50,000 by 2030.

Citra Living, the bank’s new business venture, aims to utilise the increased demand for rental properties as many private landlords depart the market as a result of regulation and tax changes.

Last month William Chalmers, group chief executive of Lloyds Banking Group, said: “We recently announced our move into the private rental sector with the launch of Citra Living.

“The intention is to work with leading house builders through strategic partnerships to support the building of additional housing and offer high-quality rental properties for families across the UK.”

Fletton Quays, a 45-apartment complex in Peterborough, is the newly launched businesses first development project and it intends to acquire 400 properties by the end of the year and 800 in 2022.