One of the first housing developments to be “crowdfunded” in the Sale area is to be built in Gratrix Lane.
The development of 15 four-bedroom houses, two one-bed apartments and two two-bedroom apartments will be built using money from people wanting to invest in property but not necessarily able to fully buy by themselves.
Instead their investment is to put together with others to buy a property which gives them a return when it rented or sold.
Hale-based property crowdfunding platform, The House Crowd, has announced the development in Sale Moor and also tha the development is open to investments from a minimum of £1,000. Over 30% of the £825,000 phase one investment target has already been raised.
The company says Gratrix Park will help create much needed housing stock in the area with investors expected to get returns of up to 13% p.a depending on their level of investment.
Frazer Fearnhead, founder and CEO of The House Crowd, based in Hale said: “Sale presents a fantastic investment opportunity – it has strong transport links, boasts great schools and is in high demand from families and young professionals alike. This development will provide brand new housing, whilst offering local investors the opportunity to invest in the area for as little as £1,000.
“Whilst Brexit uncertainty has knocked the London housing market, Greater Manchester remains one of the most hotly tipped areas for capital growth. It’s also in need of additional housing, with recent research from home.co.uk revealing that the number of homes for sale in the region had dropped by 70% in since 2008. Our sales agent believes the demand will be high and expects to sell all the properties off plan”
The House Crowd started up in 2012 offering people the chance to invest in property with a minimum stake of £1,000. They then share in any rental income from the property and any other incentives. The company has successfully funded over 200 projects, raising over £24.4 million.
For more information, visit thehousecrowd.com.