FAQs: First Homes Fund

Prime Minister Andy Burnham has proposed a new scheme to allow first-time buyers in England to purchase a new-build home with a 2.5% deposit, along with plans to let councils intervene sooner when homes stand empty, and a £210 million package to bring disused high street buildings back into use. Propertymark’s Policy and Campaigns Team is at the Labour Party conference to discuss these announcements directly with MPs and explain how members and their clients could be affected.

Scotland’s First Minister John Swinney has pledged £10,000 grants to help first-time buyers onto the housing ladder if the SNP is re-elected on 7 May. While the move signals recognition of affordability pressures, Propertymark believes broader action is still required to address the root causes of the country’s housing crisis.

The Financial Conduct Authority (FCA) has confirmed a wide-ranging review of mortgage rules to support sustainable home ownership while ensuring standards of consumer protection remain high. The reform signals positive change on the horizon for first- and last-time buyers, self-employed people, and vulnerable customers, who may have experienced limited access to borrowing under the current rules.

The Housing, Communities and Local Government Committee has launched an inquiry into how schemes such as Stamp Duty relief, ISAs, mortgage guarantees, and rent payment history in mortgage decisions affect first-time buyers. It will also consider the effectiveness of Lifetime ISAs, 95% mortgages, Shared Ownership, and the impact of the Renters’ Rights Bill and the Leasehold and Commonhold Reform Bill.