New FTB scheme will provide government-backed deposits for new build purchases
Summary
The government is expected to announce a new first-time buyer equity loan scheme, 'Your First Home', at the Autumn Budget, offering 2.5% deposits backed by 20% government equity loans for eligible new-build purchases in England. The package is intended to support demand and housing supply, alongside reforms to Empty Dwelling Management Orders that would allow councils to intervene sooner on long-term vacant homes.
Why it matters
The scheme could affect demand for new-build stock, pricing dynamics and transaction volumes in the first-time buyer market. The EDMO changes are also relevant to surveyors where vacancy, disrepair and local authority intervention are in issue.
Key points
- New equity loan scheme for first-time buyers of new-build homes in England
- Government-backed support would cover 20% equity with a 2.5% buyer deposit
- Income caps and local property price caps will be set out at the Budget
- Developers are expected to contribute to scheme costs
- EDMO eligibility period for empty homes would reduce from two years to six months
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
