Andy Burnham announces new homes scheme for first-time buyers
Summary
Andy Burnham announced a new housing scheme in England called “Your first home” to help first-time buyers who cannot get financial help from family. The scheme offers a 20% equity loan, low deposit requirements, and targets buyers with moderate incomes to help them buy new homes.Key Facts
- The scheme offers first-time buyers a 20% equity loan, initially interest-free.
- Buyers need a minimum deposit of 2.5% to qualify.
- Income and price caps will limit the scheme to moderate earners and modest homes.
- It aims to help those without family financial support, often called the “bank of mum and dad.”
- The plan includes giving local leaders more power to take over long-term empty homes.
- Funding will come from existing government budgets and fees from property developers.
- The scheme is expected to launch registration by the end of 2026.
- The government also plans to increase overall housing supply to avoid raising prices.
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