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Andy Burnham announces scheme to help first
BBC • • general
Key Points:
- Prime Minister Andy Burnham is launching the "Your First Home" scheme to help first-time buyers in England with a 2.5% deposit by providing a loan covering 20% of the property's value, aimed at those without family financial support.
- The scheme will include an initial interest-free period on the equity loan, with further details expected in the upcoming Budget and pre-registration opening before year-end.
- Funding will come from reprioritized existing budgets, with housing developers contributing to running costs, though age restrictions and property value caps have not yet been confirmed.
- The policy echoes previous initiatives like the Help To Buy scheme, but aims to better target support to those most in need, according to Housing Secretary Angela Rayner.
- Despite the new scheme, officials acknowledge challenges in meeting the government's target of building 1.5 million homes by the next election, with current construction rates lagging behind goals.
