Andy Burnham announces new homes scheme for first

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Published: 2026-09-26T16:41:13.513Z • Permanent link

Andy Burnham, the Mayor of Greater London, has announced a new homes scheme aimed at helping first-time buyers who cannot rely on their families to secure a mortgage. This initiative is part of a broader policy effort to address the UK's housing affordability crisis, which has been exacerbated by the COVID-19 pandemic and Brexit-related economic uncertainty. Burnham's scheme, which will be launched in the coming months, will provide financial support to young people who are struggling to save for a deposit and access the property market.

The new scheme is expected to build on the success of the UK government's Help to Buy scheme, which was introduced in 2013 and has since helped over 300,000 first-time buyers onto the property ladder. However, the new initiative is designed to be more targeted and effective, with a focus on supporting those who are struggling the most to access the market. Burnham's office has confirmed that the scheme will be based on a similar model to the existing Help to Buy scheme, with financial support provided to eligible buyers in the form of a equity loan.

The launch of the new scheme comes at a time of significant uncertainty in the UK housing market. Housing prices have continued to rise in recent months, despite government efforts to cool the market through increased taxes and regulatory changes. The market is also being shaped by the ongoing impact of the COVID-19 pandemic, which has led to increased demand for housing and a shortage of available properties. Burnham's scheme is designed to help address these challenges and provide more support to those who need it most.

The new homes scheme announced by Andy Burnham is expected to have a significant impact on the UK's housing market and the lives of thousands of young people who are struggling to access the property market. For many first-time buyers, the inability to secure a mortgage can be a major barrier to home ownership, and the new scheme is designed to provide financial support to help overcome this challenge.

The impact of the scheme will be felt across a range of companies and research communities, including those involved in the development and sale of new homes, mortgage lenders, and financial services firms. The scheme is also expected to have a significant impact on the broader policy environment, as it will help to address concerns about housing affordability and provide more support to those who are struggling to access the market. The scheme is also likely to influence the development of new policies and initiatives aimed at addressing the UK's housing crisis, and will provide valuable insights into the effectiveness of different approaches to supporting first-time buyers.

The new homes scheme announced by Andy Burnham is part of a broader pattern of policy initiatives aimed at addressing the UK's housing affordability crisis. The crisis has been exacerbated by the COVID-19 pandemic and Brexit-related economic uncertainty, and has led to increased demand for housing and a shortage of available properties. The UK government has introduced a range of measures to try to cool the market and increase the supply of new homes, including increased taxes and regulatory changes.