Andy Burnham has announced a new Help to Buy scheme called “Your first home” for first-time buyers in England. The plan gives eligible buyers a 20% equity loan, with registration due to open by the end of 2026.
Burnham said the scheme is aimed at people with regular incomes who have not been able to save a large deposit or rely on family support. It also carries an initial interest free period and a minimum deposit of 2.5%.
Andy Burnham on first-time buyers
Speaking on the eve of Labour’s party conference in Liverpool, Burnham said: “Too many young people are struggling with housing, with many giving up hope on ever having a home to call their own.” He added: “So we are going to help more first-time buyers on to the housing ladder, especially those who can’t call on the bank of mum and dad.”
He also said: “‘Your first home’ will get them the keys to their own front door, and give builders the confidence to deliver the high-quality new homes the country needs.” Burnham described the scheme as a revised version of Help to Buy, saying: “We think some adjustments needed to be made to it to make it focus on the people who really need support, and I think our scheme does that.”
John Healey in the budget
The programme is due to be announced by John Healey in the budget and will be funded by reprioritising existing government budgets. Developers will pay a fee related to property values to take part, while household income caps and a deposit cap are meant to exclude people on the biggest salaries and with large savings pots.
Price caps will also limit the homes that can be bought under the scheme. Burnham said: “No, it’s also about making sure that we are building more homes across the board … We are working actually to increase supply of housing, which also helps in terms of not pushing prices up,” when asked about fears the policy could lift prices.
Angela Rayner and Help To Buy
The launch comes after Angela Rayner said last weekend there was only a “slim chance” Labour would meet its target of building 1.5m homes in England by the next election. That leaves the new scheme tied to a wider housing push that still has to deliver more homes as well as easier access to finance.
Help to Buy was first introduced by George Osborne in 2013, with a second version launched later that year. The earlier schemes supported 387,000 people, and the new version is designed to narrow support to buyers who need it most rather than those already able to buy without help.
For first-time buyers, the practical route is straightforward: watch for the budget announcement, then wait for the registration opening planned for the end of 2026. The remaining open issue is how the income and deposit caps will be set in practice.
