Property Partner to buy houses in bulk in the slowing market

Property Partner has announced plans to start a fund that will take hop onto the slowing market by purchasing homes that aren't selling.

In a sign of the times, crowdfunding platform Property Partner has unveiled plans to launch a fund that will take advantage of the slowing market by purchasing homes that aren’t selling.

The crowdfunding platform will buy houses that have been up for sale for a long time at discount and then sell the homes for profit, at full value, at the end of 18 months.

The proptech firm will work with a range of estate agents and its own network to identify properties that can be purchased at a discount by The Opportunistic Fund and will then be improved and rented out to pay interest to investors before eventually being sold at full market price.

The fund will look for properties particularly where home owners are struggling to sell, including auction lots and those in receivership.

It will purchase homes valued between £500,000 and £2m, which it says is too large for most amateur investors.

Investors will earn 10% a year for backing the fund.

The fund is looking to raise a minimum of £1m and at least £2m, and said it expects the money to be spent within three to six months once it has been raised, while anything not used will be returned to investors.

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