Aspiring first time buyers and tenants have been offered the chance to save up a house deposit by shopping at 220 leading high street and online retailers including Currys, Boots, Marks & Spencer, Sky TV and B&Q by a new mobile phone app called Brix.
The range of companies and services signed up to offer ‘Brix’ covers almost every area of consumer expenditure and activity including utilities, daily shopping and holidays.
The scheme, which shares many similarities to a store clubcard, offers young people the chance to earn points that then count towards a ‘property fund’.
“Brix harnesses an untapped opportunity, converting affiliate revenue earned from retailers into a point scheme that can be put to real use and help solve the deposit problem faced by a whole generation,” says founder George Rawlings (pictured, left).
This cash, which is placed in a ring-fenced client account, can then be spent on several types of property transaction.
These are either to spend on a solicitor when buying a property, a deposit towards a first-time buyer purchase or paying a letting agent or landlord a rental deposit. Savers can also pay the money into a lifetime ISA.
Brixpoints is based in Paddington, London and its founder George Rawlings will be a familiar one to some agents.
He also runs Agent VOX, a video company that enables agents to present their ‘personality’ via moving images within their emails.
The Brix scheme has been endorsed by consumer organisation Which? and, although it applauds the free service, points out first time buyers are “unlikely to save a deposit through points alone” and that would be part of a home buying savings plan, and not replace it.