By Oliver Smith on Tuesday 6 August 2019
Platform hit by dozens of negative TrustPilot reviews.
Since announcing its new CEO and fee structure in mid-July, Property Partner has seen trading on its resale platform soar 90% from the average of the previous six months.
Despite the resale market being closed for nearly a week, in July a record £1.56m worth of property equity was traded, compared to £0.6m the previous month.
Since 18 July, when the resale market reopened, average share prices have fallen by 5.8%.
In a market update last week Property Partner pointed to the fact that falling prices have led to higher dividend yields on those properties, listing the highest yields now available as a result of the price drops.
On 15 July Property Partner introduced several new fees, most crucially including an assets under management (AUM) fee of up to 1.2% per annum on portfolios valued up to £25,000.
Read more: What new Property Partner fees mean for investors?
As well as an increase in resale volumes, Property Partner has also been hit with dozens of 1* reviews on popular reviews platform TrustPilot and a barrage of angry messages on social media.
On TrustPilot the company’s 5* rating has dragged down to 3*.
Property Partner declined to offer additional comment.
21 March 2023
Daniel Lanyon
