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TODAY'S OTHER NEWS

Crowdfunded buy to let sells out … in just 35 minutes

The appetite of investors for trying relatively untested projects remains undiminished with news that a buy-to-let property recently sold out on a crowdfunding website - in just 35 minutes. 

Investors put £509,600 into a property in London, promoted on the residential crowdfunding platform Property Partner.

The site says investments came in at an average of £14,560 a minute for the two-bed flat, with £1,582 being the average individual investment. 

Property Partner, which launched in January, enables people to invest in individual residential properties. They then receive a monthly rental income and benefit from any capital growth in direct proportion to their ownership. 

The platform also allows investors to offer their property holdings for sale via a designated secondary market.

So far, £5m has been invested through Property Partner spread across 18 different properties. 

The others have ranged from a £165,000 flat in Ilford, north east London, to a £435,000 flat in Whitechapel, east London, situated close to a future Crossrail station.

More than 40,000 people have signed up to Property Partner since it launched in January with individual investments ranging from £50 to over £100,000.

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