Bank plan to turn old sites into affordable homes

Lloyd's Banking Group has plans to help construct 80 new homes available at social rents in Leeds

Lloyds Banking Group has announced plans to develop social housing on one of its disused sites in Leeds.

Eighty new homes could be built on the land in Pudsey, a spokesperson said.

Building work at the former office and data centre would begin in 2026 if planning permission was granted, they added.

The move is part of a wider plan from the bank to increase the supply of affordable homes in the UK by converting its disused sites into new social housing, with the first development in Leeds.

"We need to direct and increase investment into the right homes, in the places they’re needed most," said the company's chief executive, Charlie Nunn.

A Lloyds spokesperson said if planning permission was granted they would identify a suitable developer and sell the site to them under the commitment that at least 80 affordable houses would be built there.

A decision on how much the homes would cost to rent has yet to be made, the spokesperson confirmed.

The company is assessing whether more of its its decommissioned data centres and former office sites across the UK could also be developed into social housing "in the coming years".

'Genuinely affordable homes'

Meanwhile, Lloyds said it was also making £200m available to help local providers increase the number of homes they can provide.

The business said it would also "acquire suitable homes and work in partnership 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".

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

The homes will be sourced to address the particular needs of local authority areas.

"In partnership across the private, public and third sectors, we can create more good-quality, genuinely affordable homes," said Mr Nunn.

The news comes after new chancellor and Leeds MP Rachel Reeves announced plans to build 1.5 million homes in England in the next five years.

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