In recent years, high property prices have made it difficult for first-time buyers to get on the housing ladder. Despite this, many would-be homebuyers want to take the first step into property ownership.
In an effort to help more potential purchasers, the government has launched new funding for the HM Treasury-led Rent Recognition Challenge, with the winning bids for the initial round of grant funding now confirmed.
Six initial round winners have now been confirmed for the £2m competition to develop applications that help renters boost their credit scores, access credit and get on the housing ladder.
The judging panel included some of the UK’s leading tech and finance experts including Al Lukies (Motive Partners, Rent Recognition Challenge Sector Champion), Charlotte Crosswell (Innovate Finance), Paul Smee (UK Finance), Eileen Burbidge (HM Treasury FinTech envoy), Diederick Van Thiel (Advice Robo) and Neil Munroe (CRS Insights).
Sheraz Dar, CEO of CreditLadder, one of the initial round winners, having received £100,000, said: “We are delighted that the judges recognised the work CreditLadder has made towards adding tenant rental payment to credit histories, and that we now have chance to really take this to the next level.
“CreditLadder has the technological expertise - and now the extra funding - to help HM Revenue achieve its goal of enabling more renters to take their first step on to the property ladder.”