Burnham announces scheme to help first-time buyers onto housing ladder

Image source, EPA/Shutterstock Image caption, The prime minister announced the scheme on the eve of the Labour Party conference in Liverpool

Prime Minister Andy Burnham is to introduce a new scheme to try to help young people get on the property ladder.

The "Your First Home" scheme would be open to first-time buyers in England with a deposit of 2.5%. It would provide them with a loan worth 20% of their new build property's value to help pay for the purchase.

Burnham said people who do not have support from the "bank of mum and dad" are among those the scheme would aim to help.

Labour said there would be an initial interest-free period for the equity loan. Further details on the scheme are expected in next month's Budget and pre-registration will open before the end of the year.