Your First Home: A new first time buyer initiative

Over the weekend, the government announced it will be launching a new equity loan scheme in England. ‘Your First Home’ will be confirmed at next month’s Budget, to support more people into homeownership.

The scheme 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. 

Whilst welcome, the Older People’s Housing Taskforce in its 2024 report highlighted that equal weight should be given to last-time movers, recommending a ‘Last Home, Best Home’ campaign with fiscal incentives to support people in later life to rightsize and free up much needed accommodation. We encourage the government to respond favourably to the Taskforce recommendations with consideration for a ‘Your Last Home’ package too.

Read more here (opens new window).