Prime Minister Andy Burnham has announced a new help-to-buy scheme, "Your first home", aimed at assisting first-time buyers in England. The programme is intended for individuals with a regular income who have been unable to save a large deposit or lack family financial support.
Under the scheme, first-time buyers will receive a 20% equity loan to purchase a new-build home. It will feature an initial interest-free period and a requirement for a minimum deposit of 2.5%. The scheme will also include household income and deposit caps to exclude those with higher salaries and substantial savings, focusing on individuals who may struggle to buy a home independently. Price caps will also be implemented to ensure only modest houses can be purchased.
Mr Burnham also revealed plans to enhance the powers of local leaders to take over long-term empty and derelict homes. This includes reducing the period a property must be empty before becoming eligible for an Empty Dwelling Management Order (Edmo) from two years to six months.
Officials stated that the "Your first home" programme will be announced by John Healey in the budget and is expected to open for registration by the end of 2026. It will be funded by reprioritising existing government budgets.