Uppie, a brand-new Cheltenham-based business, is aiming to help first-time buyers with its revolutionary service that enables house purchases without the need for a hefty deposit.
The scheme is designed to help aspiring first-time buyers who are trapped in a cycle of paying high rents and unable to save the costly sums needed to get on the property ladder.
The concept, which is the brainchild of two young entrepreneurs, George Rawling and Jonathan Harris, uses the income-generating power of Airbnb and pays first-time buyers up to £17,000 upfront, which is then recouped against future Airbnb bookings.
George explains how the service works: ‘Uppie enables first-time buyers to get ‘up’ on the ladder sooner by buying Airbnb rental days in the property upfront for a set number of days over a 12 to 24-month period. Uppie then acts as the Airbnb host management company and helps coordinate bookings in return for a management fee.
‘Effectively, Uppie is buying home-rental days in bulk from new Airbnb hosts and pays the first-time buyer this income upfront, and then manages the bookings under a service agreement.’
While buyers need to be prepared to facilitate a number of Airbnb stays in their property for an agreed period of time, Uppie can provide a calendar of dates of key events when owners can maximise their booking income.
The new business model is perfect for Cheltenham, with its many festivals and race meets commanding a surge in demand for short-term rental accommodation, which can in turn generate high prices on Airbnb.
Jonathan Harris, who is excited about providing a real leg-up to creditworthy renters, said: ‘Uppie’s rollout will be in towns and cities where Airbnb income has been proven and there is significant first-time buyer appetite.
‘We’re also going to enable current Airbnb owners to sell their properties directly to our buyers via our new online platform. Just connect your Airbnb listing with Uppie and sell up the smart way to a first-time buyer, quickly and with no estate agency fees.’
For more information about Uppie, call George on 07496 145920 and Jonathan 07999 619 688.
Friday 24 November 2017
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