The year 2024 has presented a challenging economic environment, with persistently high living costs and interest rates. Despite these obstacles, the Deposit Unlock scheme has remained steadfast in its mission to help buyers access the market.
Our unique selling proposition (USP) portfolio underwent a comprehensive transformation to broaden our customer base and increase lending potential, resulting in a distinctive set of USPs by year-end. We achieved a key milestone with the 300th home purchased with Deposit Unlock, processing over £93 million through the scheme.
Throughout the year, we actively integrated feedback from developers and IFAs, which helped shape our USPs and drive other initiatives. Our growing presence on LinkedIn, nearing 1,000 followers, has strengthened our connections with key stakeholders, including mortgage advisors and new build developers, who play a pivotal role in promoting the scheme to homebuyers.
Our efforts have focused on refining operational processes to deliver superior service to both internal and external clients. We’ve ensured our databases are accurate, and our reporting remains precise. The onboarding process for new developers has become more efficient, drawing interest from smaller developers who have yet to enrol.
Looking ahead, we are optimistic about developing an enhanced Deposit Unlock that will continue to support customers in purchasing new build homes. Our aim is to reduce reliance on deposits, lessen the rental trap, and make homeownership a reality for more individuals.
As the administrators of Deposit Unlock, we have produced this annual report detailing the schemes performance throughout 2024. We hope you find it informative.
