2.5% deposit, £600,000 price cap: How UK's new home-buying scheme will work

AI Summary

The UK government will launch the 'Your First Home' scheme to help first-time buyers acquire new-build homes with a 2.5% deposit and up to 20% equity loan. The initiative aims to boost housing demand and support the construction sector.

The UK government plans to launch a new scheme called 'Your First Home' to assist first-time buyers. This initiative allows qualifying individuals to acquire new-build properties with a minimal deposit of 2.5 percent. Eligible buyers will also receive a government equity loan for up to 20 percent of the property's value to ease financial burdens. The scheme is intended to stimulate demand for new housing and support the construction sector.