Burnham to revive Help to Buy scheme in bid to aid first-time buyers
News Source
β’Sat, 26 Sep 2026 17:48:24 GMT
π° What Happened
Prime Minister Andy Burnham has announced a new scheme to help first-time buyers in England get on the housing ladder. It is called Your First Home and revives the idea behind Help to Buy. Buyers put down a deposit of just 2.5 per cent and the government adds a 20 per cent equity loan towards a new-build home.
π The Backstory
Help to Buy ran from 2013 to 2023 and offered similar loans to people buying newly built houses. Ministers say the new plan will help those who cannot save a large deposit. Critics say such schemes push prices up and mainly help builders.
UK house prices have risen much faster than wages for decades, so the average first-time buyer now needs a big deposit and a large mortgage. Interest rates rose sharply after 2022, making loans more expensive for everyone.
π― Why It Matters
A smaller deposit would let more renters buy a home of their own. But experts warn the scheme could raise prices instead of helping buyers.
Prime Minister Andy Burnham has announced a new scheme to help first-time buyers in England get on the housing ladder. It is called Your First Home and revives the idea behind Help to Buy. Buyers put down a deposit of just 2.5 per cent and the government adds a 20 per cent equity loan towards a new-build home.
Help to Buy ran from 2013 to 2023 and offered similar loans to people buying newly built houses. Ministers say the new plan will help those who cannot save a large deposit. Critics say such schemes push prices up and mainly help builders.
UK house prices have risen much faster than wages for decades, so the average first-time buyer now needs a big deposit and a large mortgage. Interest rates rose sharply after 2022, making loans more expensive for everyone.
A smaller deposit would let more renters buy a home of their own. But experts warn the scheme could raise prices instead of helping buyers.