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FINANCIALS: Lloyds Enters UK Housebuilding JV; Interesting But Immaterial

FINANCIALS

Lloyds Banking (LLOYDS: A3/BBB+/A) has entered a partnership with Barrett and Homes England (UK govt body) to spur housing development, especially of “large sites”. Not credit material but an interesting start from a new UK government which has a specific commitment to pump-prime UK housing development.

  • Each of the three partners is injecting GBP50m of funding to establish the “MADE Partnership” which will focus on developing multiple housing projects for 1,000-10,000 homes.
  • The UK’s new centre-left government has committed to increasing the UK’s housebuilding rate both to push economic growth but also address a perceived shortage of housing. Bears will claim this may push house prices down and perhaps see lax credit standards reappear in the UK mortgage market. Bulls would see the economic growth factors alongside a net larger UK mortgage market.
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