A team of fintech and property experts have launched an online platform to provide a sales service for landlords alongside a property investment portfolio.

Acting as an online agent, Vesta, which has registered with The Property Ombudsman, will let landlords sell tenanted properties for £900, or £1,200 with Vesta-managed viewings.

Vesta has been set up as a marketplace joining sellers with buyers, designed specifically for the private rental sector (PRS) and tenanted properties.

They will undertake full due diligence on the tenancy history and rent record, and can provide a managed service to landlords purchasing the properties if required.

The Vesta team is made up of individuals with financial property industry experience.

Fintech entrepreneur Russell Gould is chief executive, while Bob Wigley, chairman of UK Finance, is also chairman of Vesta.

Non-executive director Chris Lacey also brings experience as a former head of residential capital markets with property adviser CBRE.

Vesta is using its contacts to source its properties through partnerships with landlords, housebuilders and developers in the UK and has already secured the marketing options over 177 tenanted properties, including some blocks, worth approximately £50m.

As well as buying property, the website can also be used to invest in a portfolio of buy-to-lets managed by Vesta.

The minimum investment is £1,000 plus a 2% transaction fee and dividends will be paid quarterly.

Gould said: “Within the next five years, we strongly believe that Vesta will be the norm for the residential investment property sector, bringing together housebuilders, buy-to-let sellers, buyers and property investors.

“Akin to the introduction of eBay and Amazon, the PRS has been crying out for change, and new technologies have now made this possible.

“The Vesta online marketplace is designed to provide buyers and sellers with more choice and a faster, simpler and assured process while reducing the chances of gazumping.

“Buyers can make offers or choose to buy at a guaranteed price with due diligence complete and tenants in place – a refreshing change to the current outdated system.

“So much of this sector is owned by small investors who buy and sell properties that are vacant and unfurnished. This is costly, time consuming and often a painful experience for tenants and landlords.

“With less rental and capital growth on the horizon, costly tax changes relating to both Stamp Duty and interest set-offs and tougher rules around mortgage terms, there’s an enormous potential in our trading platform to attract institutional investors, a Government policy objective.”