Andy Burnham announces new homes scheme for first-time buyers

Andy Burnham, a key Labour Party politician, unveiled a new help-to-buy scheme in England during a policy announcement, aimed at assisting more first-time buyers in the property market. The initiative, dubbed "Your first home," targets young individuals who lack the financial support of their families and may not have saved enough for a substantial deposit.

The scheme provides first-time buyers with a 20% equity loan, allowing them to purchase new-build homes with a minimum deposit requirement of just 2.5%. The government has introduced income and deposit caps to ensure that the scheme benefits those who might struggle to afford a home without assistance.

Prime Minister Keir Starmer stressed the importance of giving first-time buyers the keys to their own homes, especially for those unable to rely on their families for financial support. Burnham also announced plans to strengthen local authorities' powers to take over long-term empty and derelict properties, reversing recent changes made by the Conservatives.

These reforms aim to address the issue of empty dwellings and accelerate their return to productive use. The government plans to fund the programme by re-prioritising existing budgets, although it is unclear whether this will involve cuts to other areas. Developers will contribute to the scheme's running costs through a fee based on property values.

Burnham denied concerns that the scheme might drive up house prices, stating that the government is committed to building more homes across the country to increase supply and maintain affordability.