The prime minister says he wants people without support from the "bank of mum and dad" to receive help.
The prime minister announced the scheme on the eve of the Labour Party conference in Liverpool
Published26 September 2026
Prime Minister Andy Burnham is to introduce a new scheme to try to help young people get on the property ladder
The “Your First Home” scheme would be open to first-time buyers in England with a deposit of 2.5%. It would provide them with a loan worth 20% of their new build property’s value to help pay for the purchase
Burnham said people who do not have support from the “bank of mum and dad” are among those the scheme would aim to help
There would be an initial interest-free period for the equity loan, with more details expected in next month’s Budget
The Conservatives warned the policy would leave first-time buyers taking on more debt and risks “pushing up the price of new homes”
Burnham said: “Too many young people are struggling with the cost of housing, with many giving up hope of ever having a home to call their own
“So we will step in to help more first-time buyers on to the housing ladder.”
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Source: BBC News English
