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Read more about Stepladder: the development of a concept to allow people to access property deposits faster, supporting and preparing first time buyers for the process itself.
In Brazil, ROSCAs (rotating savings and credit associations) existed as part of high street banks’ offerings. It was here that Matt Addison studied ROSCA’s in order to understand how and why this centuries-old practice persisted in a sophisticated banking market and what lessons could be learned from them.
This was the research that first unlocked the idea for StepLadder, a home buying savings application developed to address the issues of ‘Generation Rent’.
House prices had risen sharply in 2014, following the 2008 Global Financial Crisis. First-time buyers were increasingly locked-out of homeownership, despite low interest rates and generous lending. People also took longer to save up for a deposit, which meant that they were falling further behind the amount they needed for mortgage deposits, due to erosion of buying power.
