Black Brits make up approximately 4% of the British population, 2.7 million people, and yet we have the second lowest homeownership rate in the country.
Whilst there has been a steady rise in the uptick of young Black Brits purchasing homes, renting and wanting to move into their own financial freedom, many Black Brits are getting into property through development and flipping.
With the average UK house price sitting at approximately £249,700, as of May 2022 and the average UK take home salary being somewhere around £31,772 (roughly £68 a week higher in London), more and more people are deciding to invest their time and money in homes in the hopes that the financial literacy gained will be something they can use to build a legacy.
But how can you raise enough capital to get into property development? What are the downsides? And is it really a long-term viable way to make money legitimately?