A crowd-funding platform which allows people to invest in property, with as little as a £20 stake, has been launched in Leeds.
Brothers Haaris and Shaan Ahmed from Leeds have founded the online business UOWN which is being backed by city-based Parklane Properties - started by their grandfather Nazir in 1977.
Suitable properties available for let are advertised on the website with a funding period and financial target set.
When it is reached, UOWN purchase the property and profits from the rental income are shared between the investors depending on the stake they have put in.
The properties are managed by a letting agent responsible for finding tenants, collecting rent and dealing with the day-to-day issues.
There are currently three properties in the LS6 postcode area that UOWN is finding funding for.
Haaris said: “Our family has been really lucky to benefit from investment and it now provides income and security to three generations.
“Now it’s only fair that we put our heads to good use so that other people can give themselves the same chance.”
They launched the scheme, thought to be the first of its kind in Yorkshire, in November and said they had undergone a rigorous process from the Financial Conduct Authority in being granted compliance for the business as well being acutely aware of the previous housing market crash.
They say UOWN members could see their investments increase by 54 per cent over five years with potential to invest in new builds.
According to national figures, 25 year-olds face an average wait of 22 years until they can afford their first home and home-ownership among the same age bracket has halved in the past 20 years.