Zoopla Property Group (ZPG) has announced that it has invested in a soon-to-launch PropTech startup.
The group, which now owns uSwitch and the Property Software Group, says it has invested in and agreed an 'exclusive long-term strategic partnership' with Bricklane.com.
The startup website is set to launch what it claims to be the UK's first online 'Property ISA'.
Aiming to help 'Generation Rent' on to the property ladder, the 'Property ISA' will be part of Zoopla's new 'Invest' channel, launching later this month.
It will also be promoted on the Zoopla website under an exclusive partnership agreement.
Those who invest in the Property ISA will see their savings tracked against UK house prices, generating rental income on top.
The site aims to appeal to savers who are disenchanted in seeing their savings continuously outpaced by house price growth.
Savers using the Property ISA can contribute a minimum investment of £100.
At present, Bricklane's website is a holding page where interested parties can register their details.
"Bricklane.com have come up with a great, painless way for savers to get exposure to the housing market," says Paul Whitehead, ZPG's group strategy director.
"This product is especially useful for first-time buyers saving towards a deposit or homeowners looking to move up the ladder who too often have seen house prices grow at a much faster rate than their savings."
Simon Heawood, chief executive of Bricklane.com, adds: “We are delighted to be partnering with ZPG. We are looking forward to launching our product through the new Zoopla Invest channel with access to their huge audience of property-interested consumers.
ZPG made the announcement as part of its first Capital Markets Day, held yesterday. The event, for analysts and investors, consisted of presentations from ZPG's executive team.
The group announced in February that it had invested in four other PropTech startups: Fixflo, Property Detective, Landbay and Trussle.
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How does this benefit savers or first-time buyers? They don't seem to be offering anything new. Maybe I don't fully understand it, but I can't see what this new Property ISA achieves.
A rare misstep from Zoopla with this, I fear.
Disclaimer: Your investment may fall in value as well as rise ........
Not really sure what the point of this is. What is it actually offering? I think Zoopla are spreading themselves too thinly. Stick to what you do best. I know they feel a responsibility towards PropTech startups, because that's what they started out as, but I think they're going overboard with this. Can't see it working out.
All those companies and PSG. Thats a lot of Joe Public data being held.
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