The Government has announced plans for a new initiative aimed at helping first-time buyers take their first step onto the property ladder, and at Bradleys Estate Agents we're already preparing to help buyers across Somerset, Devon and Cornwall make the most of the opportunity.
The proposed scheme, known as “Your First Home”, was announced by the Government on 26 September 2026 and is expected to be formally confirmed as part of next month's Budget. According to the details released so far, the scheme will be designed to support first-time buyers purchasing new-build homes in England, helping overcome what is often the biggest hurdle to home ownership: raising a deposit. gov.uk, theguardian.com
What Has Been Confirmed So Far?
While the full details are yet to be released, the Government has outlined several key features:
- First-time buyers may be able to purchase a qualifying new-build property with a deposit of just 2.5%. gov.uk, theguardian.com
- The scheme is expected to include a 20% government-backed equity loan to help bridge the affordability gap. gov.uk, lbc.co.uk
- The equity loan is anticipated to include an initial interest-free period, potentially reducing monthly costs compared with a traditional high loan-to-value mortgage. gov.uk, lbc.co.uk
- The scheme is expected to apply to new-build homes from participating developers. gov.uk, r3wealth.com
- Household income caps and local property price limits are expected to be introduced to ensure support is targeted towards buyers who genuinely need assistance. Full details are due to be announced at the Budget. gov.uk, planninggeek.co.uk
Although there are still important questions to be answered, the announcement has already generated significant interest amongst aspiring homeowners who may have previously believed home ownership was out of reach.
Why This Could Be Significant for Buyers Across the South West
For many first-time buyers, monthly mortgage payments are not necessarily the issue. The challenge is often saving a sufficient deposit while also paying rent and coping with rising living costs.
If the final scheme mirrors the details announced so far, it could help thousands of buyers reach their goal of home ownership earlier than they otherwise might have done. gov.uk, theguardian.com
The scheme could be particularly relevant for those considering the growing range of quality new-build developments available across Somerset, Devon and Cornwall.
Bradleys: The First Port of Call for New Homes
As the estate agent selling more new homes across Somerset, Devon and Cornwall than any other regional agency, Bradleys is ideally placed to help buyers understand the opportunities that may become available through the new scheme.
Our experienced New Homes team works closely with leading developers throughout the South West and has access to a wide variety of developments, from coastal apartments and town centre homes to family houses in sought-after village locations.
As details of the scheme emerge, potential buyers will undoubtedly be looking for trusted advice and access to suitable properties. Bradleys is ready to help on both fronts.
Join the Bradleys “Your First Home” Register
To ensure interested buyers receive updates as soon as further information is announced, Bradleys is launching a dedicated Your First Home Interest Register.
By joining the register, prospective first-time buyers can:
- Receive updates as soon as official details are released.
- Learn about eligibility criteria once confirmed.
- Be among the first to hear about suitable new-build homes that may qualify.
- Receive guidance from local property experts on the buying process.
- Stay ahead of demand when the scheme launches.
With interest expected to be high, registering early could help buyers position themselves ahead of the market.
Get Mortgage Ready Before the Launch
One of the best ways to prepare for any government-backed home ownership scheme is to understand your affordability position in advance.
That's why Bradleys' Mortgage Team is offering free, no-obligation mortgage consultations to prospective first-time buyers.
A discussion with one of our experienced advisers can help you:
- Understand how much you may be able to borrow.
- Review your current financial position.
- Identify steps that could improve your mortgage options.
- Prepare the documentation lenders are likely to require.
- Be ready to act quickly once the scheme opens.
Even before the full Your First Home details are published, taking these steps now could put you in a strong position when applications become available.
Register Your Interest Today
The proposed Your First Home scheme has the potential to open the door to home ownership for many people who previously thought buying a property was beyond reach.
While we await the full details from the Government, Bradleys is committed to keeping first-time buyers informed every step of the way.
If you're considering purchasing your first home and would like to be among the first to receive updates, register your interest with Bradleys today and arrange your free mortgage consultation
