Burnham unveils scheme helping young people with no 'bank of mum and dad' onto housing ladder
First-time buyers could get the keys to their home with just a 2.5% deposit saved.
People without support from the “bank of mum and dad” who want to purchase their first home will get access to new help-to-buy scheme, Andy Burnham has announced.
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The announcement came as the PM arrived in Liverpool for Labour’s annual conference alongside his wife, as he vowed to "set out a new direction for the country".
The Prime Minister said he was concerned by the high number of young people who have given up on home ownership because of high living costs, and wanted to change that.
First-time buyers could get the keys to their home with just a 2.5% deposit saved as a result of the Your First Home scheme.
A loan worth 20% of their property’s value will be available to help pay for the purchase as part of the scheme.This equity loan will initially be interest-free to ensure it remains affordable.
With the national average first-time home costing £230,000 according to Rightmove, this means that a buyer could put down a deposit of £5,750, and access a loan of up to £46,000 to help with the purchase.
Full details of the scheme will be set out at the Budget on October 28 by the Chancellor John Healey.
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Let's be honest.
— Andy Burnham (@andyburnham) September 26, 2026
A lot of young people have stopped believing they'll ever own their own home.
That's what happens when rents are high, house prices are high, and saving for a deposit feels impossible.
My Labour government is stepping in to help.
With Your First Home,…
Announcing the scheme as he arrived in Liverpool for Labour’s annual conference, the Prime Minister said: “Too many young people are struggling with the cost of housing, with many giving up hope of ever having a home to call their own.
“So we will step in to help more first-time buyers onto the housing ladder, especially those who can’t call on the bank of mum and dad.
“Your First Home will get them the keys to their own front door, and give builders the confidence to deliver the high-quality new homes the country needs. This Labour government is bringing back hope for people across the country.”
Funding for the scheme is expected to come from reprioritising existing Government budgets.
Housing developers will also pay towards the running costs of the scheme, which ministers hope will give the industry confidence to build new homes.
Housing Secretary Angela Rayner said: “We’ve seen too many people priced out and giving up on the dream of ever having a home to call their own.
“This scheme will make getting on the first rung of the property ladder just that bit easier and increase access to home ownership.
“For those looking for their first home, this is a Labour government that is on your side and fighting your corner.
“Your First Home will build on the lessons learned from previous schemes, while retaining the benefits, giving more families the building blocks for a better life and boosting the housing market as we turn the page on the housing crisis the Tories left behind.
“We’re delivering a new generation of equity loans in a Labour way, targeting support to those first-time buyers who need support the most and who don’t have the benefit of a large deposit from the bank of mum and dad.”
Responding to the announcement, Katie Lam MP, Shadow Secretary of State for Housing, Communities and Local Government, said it shows Labour is "finally admitting that they will fail to deliver the homes they promised".
She said in a statement: "Now it wants first-time buyers to take on even more debt to afford the few homes that have been built, with taxpayers taking a stake in their homes and picking up the bill for months.“Slapping another levy on developers risks pushing up the price of new homes too.
"This is a colossal admission of failure. This Labour Government is making homes harder to build, then asking buyers to borrow more to pay for them.
“Only the Conservatives have a plan to scrap stamp duty, back British house builders and ensure that the homes we desperately need are built in the places that people actually want to live."
Mr Burnham arrived in Liverpool on Saturday for Labour's party conference, which comes after he ruled out calling an early general election despite Labour's impressive lead in the polls.
He arrived alongside his wife Marie-France van Heel, who recently quit her job as a marketing executive and is thought to be taking on an unofficial first lady-style role.
The PM will face tough questions as Labour conference kicks off on Sunday as he seeks to secure the strong polling and raise his popularity further.
Speaking outside the conference hall today, Mr Burnham said: "We're going to make this a really important week where we set out a new direction for the country."
He said his vision would leave 'people able to have hope again that things will improve, that life will get better – and it will".
He added that it was a "proud" moment to hold the first party conference as Prime Minister, adding "My grandad drove a lorry for Tate & Lyle up and down these docks. I wonder what he would make of this right now.
"I love coming to Liverpool on a Saturday, normally to support the Blues, but we're all supporting the Reds today, aren't we?"