The UK government has announced a new loan scheme for first-time homebuyers, named 'Your First Home', which will offer government-backed equity loans covering 20% of the cost of new-build properties in England. The scheme, set to be confirmed in next week's Budget, will require households to earn less than £110,000 to qualify for properties outside London, and £140,000 for homes in the capital. This represents a shift from previous schemes that did not restrict eligibility by income, which faced criticism for enabling relatively wealthy households to access support. Prime Minister Andy Burnham unveiled the scheme at the Labour conference, emphasizing it would focus on those 'who really need support'. The government has adjusted the income limits from initial proposals of £90,000 outside London and £110,000 in the capital, after concluding this would exclude too many middle-earning households, such as teachers and nurses. The scheme aims to help buyers with deposits as low as 2.5%, with an initial interest-free period on the loans. It is expected to boost housebuilding, as the government has admitted missing a target to build 1.5 million homes in England by the next election. The Home Builders Federation has welcomed the plans, urging swift implementation, while the Conservatives have criticized the proposals as a 'colossal admission of failure' of Labour's housing record. The scheme draws on the structure of the previous Help to Buy initiative, which operated from 2013 to 2023, but with stricter income limits and regional adjustments. Developers participating in the scheme will also contribute to running costs, and the government has stated funding will come from existing budgets without specifying cuts to other areas. The initiative is part of Labour's broader strategy to address housing affordability and support first-time buyers in a market where rising prices have made homeownership increasingly difficult for many.