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Labour’s “Your First Home” backs £4.7B equity loans

By Drooid · Oct 29, 2026 · How we work

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Summary

Labour announced the “Your First Home” scheme on 28 October 2026.
It provides £4.7 billion in equity loans for new-build homes.
Chancellor Jeremy Healey said the Lifetime ISA penalty will be removed, refunding contributions if price exceeds £450,000.
Equity loans are normally repaid on sale, though borrowers may repay early, fully or partially.
Andrew Boast warned the new-build limit could add a 40% price premium versus existing houses.

History

George Osborne introduced the Help to Buy equity-loan in the 2013 budget, offering buyers up to 20 % of a new-build’s value (40 % in London) and running until its closure on 31 October 2022. A 2024 study found the scheme lifted London house prices without boosting construction. Labour’s 2026 “Your First Home” plan revives the model, aiming to aid first-time buyers again.

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George Osborne introduced the Help to Buy equity-loan in the 2013 budget, offering buyers up to 20 % of a new-build’s value (40 % in London) and running until its closure on 31 October 2022. A 2024 study found the scheme lifted London house prices without boosting construction. Labour’s 2026 “Your First Home” plan revives the model, aiming to aid first-time buyers again.

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