BURNHAM UNVEILS HOME LOAN SCHEME FOR FIRST-TIME BUYERS

Andy Burnham, the prime minister, has announced a new home loan scheme for first-time buyers in England called "Your first home". He set out the policy in an interview ahead of Labour's party conference in Liverpool. The scheme targets buyers with a steady income who cannot save a large deposit or rely on the "bank of mum and dad". Eligible buyers would receive a 20% equity loan towards a new-build home, an initial interest-free period, and a minimum deposit of just 2.5%. Burnham said the scheme would give young people "the keys to their own front door" and give builders confidence to build new homes.

Income, deposit and price caps will apply, limiting the scheme to modest homes and excluding wealthier buyers. It revises George Osborne's Help to Buy scheme, which supported 387,000 buyers but was criticised for helping people who could have bought homes anyway and raising prices. Burnham said the changes would focus support on those who genuinely need it. He also announced stronger powers for local leaders to take over long-term empty and derelict homes, reversing changes made under the previous Conservative government. Housing ministers had pushed for a revived help-to-buy policy but were overruled by Rachel Reeves, then chancellor, who wanted to prioritise housing supply.

Officials said John Healey will formally announce the scheme in the budget, opening for registration by the end of 2026. How the programme will be funded has not yet been disclosed. Separately, Burnham's wife, Marie-France van Heel, known as Frankie, is reported to have resigned from her marketing role to support him full-time, taking on a position described elsewhere as a "First Lady" role. The housing plan is part of wider announcements made as Labour gathers for its conference in Liverpool.