PM Burnham announces 'Your First Home' equity loan scheme for first-time buyers with a 2.5% deposit, details expected at October Budget

Prime Minister Andy Burnham announced on 26 September 2026, ahead of the Labour Party conference in Liverpool, a new government scheme called 'Your First Home' designed to help first-time buyers in England purchase new-build properties. The scheme would allow eligible buyers to enter the market with a deposit of just 2.5% of the purchase price, with the government providing an equity loan worth 20% of the property's value. An initial interest-free period would apply to the equity loan. Full scheme details, including any age restriction and any cap on eligible property values, are expected to be confirmed at next month's Budget. Pre-registration for the scheme is expected to open before the end of 2026. Funding is expected to come from reprioritised existing budgets, with housing developers contributing to running costs. The scheme draws direct parallels with the Help to Buy equity loan programme introduced by the coalition government in 2013, which similarly provided up to 20% of the property value as an interest-free loan for the first five years. Housing Secretary Angela Rayner said the scheme would 'build on the lessons learned' from previous initiatives and target support at first-time buyers who need it most. The announcement comes against a backdrop of the government being behind on its target of delivering 1.5 million new homes by the next election.