Over £1.25 million of deposits to key workers to help them buy home
By Sarah Wood | 30th August 2023
Barratt's key worker deposit scheme has helped home buyers across the South West save for a deposit to buy a house.
Chloe Nicholas, a teacher from Gloucester, is watching her new house take shape on the Winnycroft development in Gloucester. It is her longed-for step onto the housing ladder.
When Chloe and her partner Finley went to find out more about the new development at Winnycroft Lane near where she lives, they discovered a scheme offering key workers support with deposits, which could effectively fast track them into the home they'd been saving for.
Chloe, who started her teaching career at a primary school in Stroud last year, said: "We'd been putting away every spare penny towards a deposit, but it's a slow process when you're renting as well."
Barratt's key worker deposit scheme has, so far, helped 17 buyers on their Gloucester developments at Winnycroft and Whittle Gardens. In total, it has supported nearly 80 buyers in the South West region, with deposit top-ups totalling over £1.25m.
With the scheme, for every £20,000 spent on the purchase price of a brand-new Barratt home, Barratt contributes £1,000 towards the deposit, plus flooring throughout the house. So, for example, on a £280,000 house the buyer would be gifted £14,000 towards the deposit.
As well as those working in education, the scheme is open to enquiries from anyone working in the NHS, police, fire service, environmental, defence, national highways or transport, the probation and prison service and local authority.
Andrea Pilgrim, sales director for Barratt Homes Bristol, said: "I think everyone feels for hard working people who are trying to buy a house, but feeling it is impossible because of having to get a deposit together. This scheme is designed to respond to that, by delivering a practical, proactive helping hand to key workers in difficult economic times. It's our way of saying thank you to the support they give communities, too."
Chloe continued: "I think people naturally think NHS, police, fire services when it comes to key workers, but to be recognised as a teacher for the work I do and love makes me really proud. It can be so difficult and take such a long time to get a deposit together.
"The house we've purchased is perfect for us - close to the city and the M5 - I commute to Stroud and my partner Finley to Cheltenham."
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