New scheme to get first-time buyers on housing ladder announced by Burnham

Prime Minister Andy Burnham has unveiled a scheme called 'Your First Home' aimed at helping young people in England secure their first property. This initiative would be available to first-time buyers who can provide a deposit of 2.5% of the property's value, offering them a loan worth 20% of the new-build property's worth. Burnham believes that the scheme will assist young people who lack support from their families and will enable builders to construct the high-quality homes the nation needs.

The scheme is expected to be funded through the reprioritization of existing budgets, with housing developers contributing to its running costs. Further details are anticipated during the upcoming Budget, with pre-registration opening before the end of the year. Housing Secretary Angela Rayner added that this scheme would build upon lessons learned from previous initiatives and target support for those who require it most.