The UK government has officially launched the 'Your First Home' scheme, a new initiative designed to support first-time buyers entering the property market. The program focuses specifically on the purchase of new-build homes located in England. Under the terms of the scheme, the government will provide backing for loans intended to bridge the gap for those struggling to secure traditional financing.

A central feature of the policy is the introduction of an earnings limit, which restricts eligibility to individuals or households earning up to £140,000 per year. By setting this threshold, the government aims to target the assistance toward those it defines as needing support to enter the housing market, while excluding higher earners from the state-backed benefit.

While the government presents the scheme as a solution to housing accessibility, the initiative is limited to new-build properties. This restriction means that the scheme does not apply to the broader secondary housing market, potentially limiting the impact for buyers looking for older or existing homes. The program is part of a broader set of government efforts to address housing supply and affordability, though critics often debate whether such demand-side interventions effectively lower prices or simply inflate the value of new developments.