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Bricklane.com is another platform that wants to get millenials investing

Property investment platform Bricklane.com has officially launched this week and joins the growing ranks of startups trying to get millenials to invest some of their hard-earned cash.

The Zoopla-backed startup, which last week raised £1.3m in seed funding from Zoopla and LocalGlobe, allows users to set up an online Property ISA and invest their savings in high-value properties which are let to tenants.

Its founders, Simon Heawood and Tom Cavill, established the startup in response to the housing woes currently facing ‘Generation Rent’, where large swathes of the nation’s 25-34 year olds locked out of the property market due to spiralling house prices.

Heawood explained that the idea came about when the pair wanted to find a way to help savers with a technological solution.

He said: “The problems facing ‘Generation Rent’ are all too familiar. With Bricklane.com, we want to support renters in doing something about it.

“Our aim is to help those saving for a first home to get on the ladder years earlier than they would by saving with cash. Alongside, we will provide a great service to residents of properties owned by our community of savers.”

Structured as a Real Estate Investment Trust (REIT), its first fund is focused on properties in Manchester, Leeds and Birmingham, with savings tracked to property values and investors receiving rental value on top.

Effectively, it gives investors on the platform the same benefits as homeowners, and in the current climate of low interest rates should be an attractive option for savers looking for better returns.

“Through innovative technology and thoughtful design, we’re aiming to make the property market more inclusive. With Bricklane.com, anyone can own property, whatever their financial position,” added Cavill.

Bricklane’s launch comes less than a month after the launch of Moneybox, another digital service that is hoping to get those in their 20s and early 30s to invest their earnings.

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