New first-time buyer scheme to be confirmed at Budget

[sbplanet]

"The government has today (Saturday 26 September 2026) announced a new equity loan scheme - Your First Home - in England will be confirmed at next month’s Budget, to support more people into homeownership.

This is expected to support 2.5% deposits, backed by 20% government-backed equity loans, for prospective first-time buyers purchasing a new-build property from a developer signed up to the scheme.

People will be able to access equity loans with an initial interest free period, meaning that those who use the scheme could save hundreds of pounds per month compared to a 95% mortgage.

The Your First Home scheme will help tackle the deposit barrier for first-time buyers who would be unable to afford their first home otherwise, building on the government’s existing work to help more young people and families onto the housing ladder. The scheme will also set a household income cap with local property price caps to further ensure support is targeted at those who need it, the detail of which will be set out at Budget.

With the new build housing market currently facing challenging headwinds driven by international economic pressures and rising construction costs, the scheme will also act as a much-needed stimulus to support the market and boost housing supply.

Developers will be expected to make a contribution when signing up to the scheme to help cover costs.

Further details, including costs and implementation timelines, will be announced by the Chancellor at the Budget next month. "

https://www.gov.uk/government/news/new-first-time-buyer-scheme-to-be-confirmed-at-budget

Who would you vote for if you don’t vote labour

They need to bail out their mates The Developers, and their other mates The Bankers, these people deserve multi-million pound bonuses and might stop making donations to the Labour party if the Great Unelected Leader doesn"t get some young very financially illiterate people borrowing for Shoe-Boxes again. They should be sorting out Leasehold instead of preying on FTB, but of course all that money trickles up to their other mates the Offshore Corporations.

It is so depressing that every political party wants to subsidize demand. Noone wants to increase supply

And that they are propping up private development rather than chucking all available cash at increasing the social housing stock

It is not about supply though, there are plenty of houses, there are masses of unsold flats and new-builds!

Give me an R....

At the moment Reform or Restore Britain. Whoever is prepared to make make tough decisions to help people working and struggling. This just isn't right and can’t go on much longer.

A building expert on 5 live this week basically said do not buy brand new homes unless you are prepared to pay a specialist surveyor who finds approximately 150 faults per home. You then have to fight the builders to fix these issues.

Maybe if AB dropped bus fares to a quid people could afford houses?

@KeepPumping What good is that when you don’t have buses?? None in my village.

@Yellowshirt You think they have your interests at heart? Do you believe in fairies? I bet you thought you’d be better off after Brexit? Don’t believe these grifters.

Dropping bus fares is doing nothing to help the majority of workers.
Slash fuel prices. Its not rocket science

This is not true. The UK occupancy rate is high both by international and by historic standards. Yes there are some unsold flats, but "this market should have zero transaction time" isn't a realistic proposal.

The thing that frustrates me is that this problem costs negative money to fix. Simplify planning, then you can fire a lot of planning officers, and then private money fixes the problem. But instead of acknowledging that you could just choose to stop creating the problem, successive governments are determined to keep creating the problem, and also lighting money on fire to claim to fix it.

The thing that frustrates me is that this problem costs negative money to fix. Simplify planning, then you can fire a lot of planning officers, and then private money fixes the problem. But instead of acknowledging that you could just choose to stop creating the problem, successive governments are determined to keep creating the problem, and also lighting money on fire to claim to fix it.

Yes but there is not a single party who will do that. This is not a Labour issue. The Tories did this too. They are all ruled by their corporate mates who lobby them constantly.

You think Farage and Lowe, the two financiers are not going to suck up to their corporate mates and that they care about ordinary, working people? Seriously?

Who are you voting for then?

What works? Sorry that’s completely unclear to my comprehension. It is late so I might just be being stupid sorry.

Yes I don’t think FTB do have diy skills. You learn as you go along. Thats part of homeownership.

I think the young generation have a lot of aspiration to Reno - but there’s levels. You don’t fully Reno your first property because that’s just silly - it would be a good% of the house value. You do a bit and move on which is what I was trying to say. That turnover helps keep these houses alive.

Without planning we would have even more unsuitable developments in unsuitable places.
That's not the right solution

Building good quality social housing and acquiring and renovating vacant properties for social housing is a better approach

So in that scenario two people on average incomes could easily buy a shiny shoebox via this stupid scheme. Of course, there will be one-bed shoeboxes on sale too.

All of which have problems, such as wrong location, high service charges, unmortgageable, over 55/60 developments, not on good public transport links, owner languishing in a care home, etc etc. There's nearly always a reason why a property is empty.

We do need formal planning control, but in lots of cases, things could be relaxed with no real detriment. I.e. stupid rules like barns being converted and small building developments in national parks only being granted "holiday" planning permission instead of all year round residential. Flats above shops on high streets remaining derelict because the council won't grant residential planning permission (despite them being residential up to a few decades ago), etc etc.

What works? - Continuing to get fresh borrowers in at the bottom of the Ponzi/Pyramid, if there are cheap houses or the monthly mortgage debt is cheap people will buy "Doer uppers" and just plod away doing a room at a time or something, but they are not going to do that at these prices and borrowing rates because there is no value out there, only risk, hence Labour"s latest daft Help to borrow what you can"t afford scheme.

Lovely to see my taxes go towards making it less likely my children will be able to afford a home, well done everyone.