- Prime Minister Andy Burnham has announced a new 'Your First Home' help-to-buy scheme ahead of Labour's annual conference, specifically targeting first-time buyers who cannot rely on financial help from their parents.
- Under the proposed scheme, buyers can secure a property with a 2.5 per cent deposit alongside an interest-free government equity loan covering 20 per cent of the property's overall value.
- Funding for the housing initiative will be drawn from reprioritised existing government budgets, with housing developers expected to cover running costs to boost industry confidence in constructing new homes.
- Full details of the 'Your First Home' initiative will be formally presented by Chancellor John Healey during the Budget on 28 October.
- In a separate announcement, Labour revealed plans to cut the welfare bill by offering young people receiving health or disability benefits a guaranteed job three months after claiming, reduced from 18 months.
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