Prime Minister Andy Burnham has introduced a new housing initiative designed to assist first-time buyers who have lost hope of purchasing a property. The ‘Your First Home’ scheme will be available to purchasers in England who can provide a 2.5% deposit, offering an equity loan covering 20% of the value of a new-build home.
The policy, first outlined on Saturday, includes an initial interest-free period for the loan, with further operational details expected to be released in next month’s Budget. Funding will largely come from reprioritized existing budgets, though housing developers are required to contribute to running costs. Ministers have not yet specified whether there will be an age limit or a property price cap.
Burnham emphasized that the program aims to support those without familial financial assistance.
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