Burnham launches 'Your First Home' equity loan scheme for buyers with just 2.5% deposit
From the Newshound archive · first published 26 September 2026 · last updated 27 September 2026.
Everton fans celebrate in the stands. Andy Burnham has called the 40-year ban on drinking alcohol in view of the pitch "discrimination" against football supporters.
Prime Minister Andy Burnham has unveiled 'Your First Home', a revival of Help to Buy giving first-time buyers in England a 20% government-backed equity loan on new-build properties with a deposit of just 2.5%. With the average first-time home costing £230,000, buyers could put down as little as £5,750 and access up to £46,000 in interest-free government loan support. Full details will be set out by Chancellor John Healey at the October 28 Budget, with pre-registration opening before the end of 2026.
Property price caps of £600,000 and household income limits will target the scheme at lower earners without family wealth behind them.
The Conservatives warned the policy will saddle buyers with more debt and risks pushing up new-build prices as developers pocket the stimulus.
Critics question whether reviving Help to Buy — axed in 2023 — is an admission that Labour's pledge to build 1.5 million homes by 2029 is already failing.
