The PropTech companies helping Zillennials get on the property ladder 

Ones to watch
May 16, 2022
5 min

We've got a list of the PropTech companies leading the way in helping first-time buyers secure their home.

Whether it’s buying avocados or those pesky Netflix subscriptions, Millennials and Gen Z are often being blamed for not being able to afford their own home. Kirstie Allsopp is the latest person taking aim at the younger generation for not getting on the property ladder.

However, it is fair to say there is much more at play. The rising cost of living, low salaries, and the astronomical cost of property has created a perfect storm for first-time buyers. This has also contributed to the average age of first-time buyers surpassing 30 across the UK.

Schroders chart showing average house price vs average earnings over time

However, all is not lost for Generation Rent.

There are a number of incredible companies out there that are helping Zillennials get on top of their finances and seek out the extra boost they might need to get their deposit together.

These are some of the top companies helping Gen Z and Millennials get on the property ladder: 

1. Even - Help to buy for preowned homes

There are lots of great initiatives out there to help people buy new homes, but Even is one of the first of its kind to provide a help to buy scheme for pre-owned houses.

Created by Nested, Even can lend you up to two times your deposit to help you on the road to ownership. This provides a great option for people who might have 5% saved, but are restricted by salary.

The loan is interest free and when you sell, you simply share the profit back with them based on their contribution.

2. Nude - Saving from start to finish

Figuring out how much you need to start looking at properties can be a minefield, which is why Nude is such a helpful app.

How does it work?

  • You start off by searching for your dream property type and location; '2 bed flat in East London'.
  • Receive the real-time price and the amount you would need for a deposit.

Our favourite bit? Nude give you a countdown of how long you will need to save based on what you can afford to set aside each month (don't look at houses in Notting Hill or Chelsea, you might cry!). This is particularly helpful for first-time buyers to keep track of spending. Nude even provide tips on how you can save even more.

They’re also one of the few providers that is still offering the government sponsored Lifetime ISA, which includes a free 25% bonus, helping you get one step closer to that dream flat.

3. Peach - Helping you achieve your goals

Soon to launch app Peach helps you take control of your finances, so that you can plan your future.

You can track property, pension, financial and physical assets in one place, simply linking your different accounts, giving you a complete overview of your finances in one place. Peach will help you create goals, such as buying a house of X value and adjust these based on the real-time market value.

4. Money Box - The Investing Guru

Money Box is a great platform to guide you through the investment journey. Investing can be a great way to grow your money and get you closer to that deposit goal. You'll also be offered higher long-term returns than a current or savings account.

The best bit? You can start at just £1 and pick their cautious starting option which aims for modest growth with minimal risk. It's worth exploring other options including their own Lifetime ISA to help save and grow your money.

5. LOQBOX- The Credit Saviour

Money saving is the obvious key to getting on the property ladder. LOQBOX helps you build your credit rating and get better rates when you look to borrow money. You figure out how much you can afford to save in a year and LOQBOX then locks this away in a digital piggy bank as a 0% APR loan. You pay off the loan over 12 months, and LOQBOX then report this to the three leading credit agencies - showing them that you can handle credit.  

Once you are all paid off you can release every penny back into a new account. As with any form of loans, make sure you read the small print!

If you found this helpful, share with your friends, family, colleagues or your cousin's best friend's sister in law! Read about the top FemTech startups in the UK here.