Nationwide invests in digital lettings agency Bunk

Nationwide Building Society has invested in Bunk, a digital lettings agency using Open Banking to help do-it-yourself landlords run their businesses. Terms of the investment were not disclosed.

Around half of all UK landlords choose to run their rental businesses on their own. Bristol-based Bunk promises to take the hassle out of listing their properties, finding and vetting tenants, and keeping up with regulations.

The service allows landlords to list a property within minutes, which can then be viewed by potential tenants on their website and app as well as on major portals such as Rightmove and Zoopla.

The platform also helps with processing tenants’ references and completing the tenancy set up within the site. Once the properties are listed, landlords can view them on a dashboard, which also notifies them when a deposit and rent has been paid, saving the need to review their current account statements.

Bunk also offers prompts and insight to help landlords meet regulations. For example, landlords are unable to take more than five weeks’ rent as a deposit and the system will not progress if they try to take more than this.

Tony Prestedge, deputy chief executive, Nationwide, says: "Bunk is combining the latest digital technology backed up with human service to not only offer a seamless digital experience but also reduce friction in the rental market between tenants and landlords.

"Many landlords choose to manage their portfolio on their own, the service that Bunk offers could support them, ensuring they’re on top of their obligations and providing a better service to their tenants."