Burnham launches 'Your First Home' equity loan scheme at Labour conference to help buyers with 2.5% deposits

From the Newshound archive · first published 27 September 2026 · last updated 28 September 2026.

Andy Burnham has unveiled 'Your First Home' at Labour's annual conference in Liverpool, reviving the Help to Buy model to let first-time buyers purchase a new-build property worth up to £600,000 with just a 2.5% deposit. Chancellor John Healey will confirm full details at the Budget on October 28, with the government promising an interest-free 20% equity loan for five years, repayable on sale or within 25 years. The scheme targets buyers who cannot rely on family money, with income caps and local property price caps to focus support on those who genuinely need it. Pre-registration is expected to open before the end of 2026.

Burnham said 'too many young people have given up hope of ever having a home to call their own' and the scheme will give builders confidence to deliver new homes.

The UK is on course to miss its 1.5 million new homes target by at least 40%, with housebuilders squeezed by higher energy costs and elevated mortgage rates.