Andy Burnham has announced “Your first home”, a new scheme intended to help first-time buyers in England who have regular incomes but cannot save large deposits or rely on family financial support. Buyers would receive a 20% equity loan for a new-build home, initially interest-free, and need a minimum deposit of 2.5%. The policy is designed to target people struggling to enter the housing market while encouraging developers to build more homes.

Income, savings and property-price limits will exclude higher earners, those with substantial savings and buyers seeking expensive homes. The scheme is expected to be announced by John Healey in the budget and open for registration by the end of 2026, funded by reprioritised government budgets and developer fees. It follows criticism of previous Help to Buy schemes, which supported 387,000 people but were accused of benefiting buyers who could have purchased homes anyway and contributing to higher prices; ministers also face doubts over meeting England’s target of 1.5 million new homes by the next election.