The UK government is set to introduce the Your First Home scheme, offering government-backed equity loans of 20% on new-build properties in England to first-time buyers. Eligibility will be limited to households earning less than £110,000 outside London and £140,000 within the capital, with deposits as low as 2.5% required. The scheme aims to assist those genuinely in need of support, addressing criticisms of previous initiatives like Help to Buy, which were seen as benefiting higher earners and inflating house prices.
The scheme is expected to be confirmed at the upcoming Budget and will involve contributions from participating developers towards running costs. It also seeks to stimulate housebuilding amid concerns that the government will miss its target of 1.5 million new homes by the next election. While the Home Builders Federation has welcomed the plans, the Conservative Party has criticised them as an admission of failure in Labour's housing policy.
Read the full story: BBC UK News.
Source: BBC UK News. Aggregated summary, not independent reporting.