Stairpay, a platform dedicated to facilitating shared housing ownership, has successfully raised £750,000 in Seed funding. The funding round was led by Fuel Ventures, with additional participation from Heartfelt Ventures.
Stairpay simplifies the shared ownership journey for both residents and housing associations, enabling a smoother transition towards full home ownership. The startup has established partnerships with prominent housing associations such as Clarion and social enterprises like Places for People. Additionally, Stairpay collaborates with Share to Buy, the largest property portal for shared ownership.
Focusing on the process of staircasing, where residents gradually increase their ownership share, Stairpay’s platform leverages data-driven insights to enhance the shared ownership experience. By automating the listing of shared ownership properties, Stairpay aims to streamline the process and make housing more affordable.
The conclusion of the Help to Buy scheme in 2022, which facilitated the purchase of nearly 390,000 new homes, has led to a significant decrease in first-time buyers. Last year, the number of first-time buyers dropped to a decade low of 293,000, underscoring the need for innovative housing solutions.
Stairpay addresses these challenges by automating the entire shared ownership process, from initial purchase to staircasing and resales. The platform allows residents to manage their ownership journey via an app, reducing the need for multiple advisors and complex paperwork. This approach also provides valuable data to housing associations, helping them better understand resident needs and optimize their offerings. A successful pilot with Clarion generated an additional £1.58 million in staircasing instructions and demonstrated strong resident engagement.
Floris ten Nijenhuis, Founder of Stairpay, stated, “Stairpay was created to address the difficulties faced by first-time buyers in entering the property market. The UK has the largest shared ownership market globally but faces significant challenges. Our partnerships with Places for People, Clarion, and Share to Buy reflect a collective effort to improve the shared ownership experience through data-driven solutions. This will help more people achieve full home ownership. Shared ownership is also attracting substantial investment from entities like Blackstone, Legal & General, and M&G. Our technology enhances the appeal of shared ownership by providing crucial data and insights.”
Mike Stevenson, Principal at Fuel Ventures, added, “The UK shared ownership market is currently facing considerable challenges. Stairpay’s pilot with Clarion has demonstrated the potential of innovative solutions. By leveraging data, Stairpay enhances the shared ownership experience for both housing associations and residents. We are excited to support Floris and the team in their mission to help more people achieve home ownership.”
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By Proptechbuzz
By Ravi Kumar
