Three days. That is how long it took for a headline government housing announcement to arrive with more questions than answers. On Saturday 26 September 2026, Prime Minister Andy Burnham unveiled "Your First Home", a new equity loan scheme for first-time buyers, and for anyone weighing up a new-build flat by the river in Kingston or a regeneration scheme in south-west London, the details that matter most will not land until the Autumn Budget on 28 October. The Your First Home scheme Kingston first-time buyers should understand today is still a headline, not a finished policy. Here is what has been confirmed, what is missing, and why an independent valuation and snagging survey will matter more than ever if you buy under it.
Key Takeaways
- "Your First Home" offers a minimum 2.5% deposit and a government equity loan of up to 20% of a new-build property's value, restricted to participating developers.
- The equity loan is interest-free for an initial period, but the length, later interest rates, price caps and income limits will only be confirmed at the Budget on 28 October 2026.
- London price caps are not yet known, this is the single biggest unknown for Your First Home scheme Kingston first-time buyers are watching closely.
- Help to Buy history shows new-build buyers paid a measurable premium; independent valuation advice matters more, not less, under schemes like this.
- Kingston Surveyors can support buyers with RICS valuations, snagging inspections and pre-completion checks before exchange.
What Was Announced on 26 September
Prime Minister Andy Burnham announced "Your First Home" as a government-backed equity loan scheme for first-time buyers in England. The confirmed features are:
- Minimum 2.5% deposit required from the buyer.
- Government equity loan of up to 20% of the property's value.
- New-build only, and only through participating developers.
- Interest-free for an initial period, the exact length has not yet been set.
- It sits alongside, rather than replaces, the permanent Mortgage Guarantee Scheme.
- Participating developers will pay fees linked to property values to help offset the cost to taxpayers.
- The scheme is funded from reprioritised government budgets, not new borrowing.
Burnham said the scheme "will get them the keys to their own front door, and give builders confidence to deliver needed homes." Housing Secretary Angela Rayner added that it "will make getting on the first rung easier."
Chancellor John Healey is expected to confirm the remaining detail, the interest-free period, later interest rates, local property price caps, household income limits and the rollout timetable, at the Autumn Budget on Wednesday 28 October 2026. Pre-registration is expected to open by the end of 2026.
A Worked Illustration (For Illustration Only)
Because price caps, income limits and the exact interest-free window are still unknown, any numbers at this stage are illustrative only, not a promise of what buyers in Kingston will actually be offered. Using the government's stated percentages against a hypothetical £450,000 new-build flat, the maths could look like this:
| Element | Illustrative figure |
|---|---|
| Property value | £450,000 |
| Minimum deposit (2.5%) | £11,250 |
| Government equity loan (20%) | £90,000 |
| Remaining mortgage needed | £348,750 |
This is a simplified example to show how the percentages interact, it is not a confirmed London figure, and it does not reflect fees, stamp duty, service charges or mortgage arrangement costs. London price caps have not been announced, and given London's higher average new-build prices, many properties in Kingston and the wider south-west London market could sit close to or above whatever cap is eventually set.
Lessons From Help to Buy
"Your First Home" is being compared almost immediately to Help to Buy, the equity loan scheme it appears to echo in structure. Three lessons from that scheme are worth remembering.
New-build price premium. Rob Houghton, CEO of reallymoving, warned that channelling extra buying power into one segment of the market "could artificially inflate prices", citing 2019 research showing that Help to Buy purchasers paid 10.3% more for new-build homes than buyers using other routes. If developers know buyers have extra spending power through a government loan, list prices may simply rise to absorb it.
Restriction to new build. Buying agent Nina Harrison questioned why the scheme is limited to new-build homes at all, rather than opening it to the wider resale market where competition on price is often sharper.
Resale and staircasing complexity. Help to Buy taught many owners that selling a home with an equity loan attached, or "staircasing" to buy out the government's share, involves extra valuations, paperwork and time. Anyone considering "Your First Home" should expect a similar process if they later want to sell or reduce the loan.
Ben Hopkinson of the Centre for Policy Studies was blunter, arguing the scheme "will subsidise demand while doing little to address underlying issues" of housing supply. NHBC chief executive Paul Turner welcomed the announcement but agreed ministers must still tackle supply. Emma Toms of the New Homes Quality Board stressed that homes bought under the scheme must be built to a high standard, a point that matters directly to anyone inspecting a new-build purchase.
What It Means for Kingston and South-West London New-Build Schemes
Kingston upon Thames has an active pipeline of riverside apartment developments and town-centre regeneration schemes, the kind of new-build stock this policy is aimed squarely at. If price caps and eligibility criteria are set generously enough to include the local market, "Your First Home" could open genuine opportunities for first-time buyers who have struggled with deposit size under current mortgage conditions.
But two structural facts should temper expectations. First, Bank Rate was held at 3.75% on 17 September (a 6-3 vote), with inflation at 3.1% in August, and Moneyfacts recorded average two-year fixed mortgage rates of 5.92% and five-year fixes at 5.94% as of 28 September. Even with a smaller deposit and a 20% equity loan reducing the mortgage needed, monthly repayments on the remaining balance will still be shaped by these borrowing costs. Second, London property values are consistently higher than the national average, so any price cap set with a national average in mind could exclude a meaningful share of Kingston's new-build market. Until the Budget confirms London-specific figures, it is not possible to say how many local schemes will actually qualify.
Why a Snagging Survey and Independent Valuation Matter
Government schemes focus on affordability, not build quality. That distinction matters enormously for new-build buyers.
An independent, RICS-qualified valuation gives a buyer a view of a property's worth that is separate from the developer's asking price or the incentives built into a government-backed loan. This is particularly important where a scheme increases demand for a specific segment of new stock, because valuations help confirm whether a price reflects genuine market value or scheme-driven inflation. Buyers who used the previous Help to Buy scheme will recognise the process, see our guide to Help to Buy valuation for how RICS Red Book valuations work in this context.
A snagging inspection, carried out before or shortly after completion, identifies defects, from poor finishing to more serious structural or damp issues, while the developer is still contractually obliged to fix them. Our overview of the most common property defects found in building surveys is a useful starting point for understanding what inspectors look for, even in newly built homes.
For a broader comparison of survey types available to new-build buyers, our guide on HomeBuyers Report vs Building Survey explains which level of inspection suits which property. General information on the different property surveys available in London and our dedicated property valuation services covers what to expect from each report type.
Questions to Ask Developers Now
Before pre-registration opens, Kingston first-time buyers considering a new-build purchase should ask participating developers:
- Is this specific development confirmed to participate in "Your First Home"?
- What is the current asking price, and how does it compare with similar non-scheme units?
- What is included in the price, parking, storage, service charge estimates?
- Is the development likely to fall within any future London price cap, based on current values?
- What is the anticipated build completion and legal completion timetable?
- Will an independent snagging inspection be permitted before final completion sign-off?
What to Watch for on 28 October
The Autumn Budget will need to answer several outstanding questions before "Your First Home" becomes usable for Kingston buyers:
- The length of the interest-free period, and what interest rate applies afterwards.
- Local property price caps, and specifically whether London, or south-west London, gets a higher cap than the national figure.
- Household income limits for eligibility.
- The rollout timetable, including when pre-registration formally opens.
Frequently Asked Questions
Is "Your First Home" available now?
No. It was announced on 26 September 2026 but full details, including price caps and income limits, will be confirmed at the Autumn Budget on 28 October 2026. Pre-registration is expected by the end of 2026.
Can I use it to buy any home in Kingston?
No. It is restricted to new-build homes from participating developers, not existing resale properties.
How much deposit will I need?
A minimum of 2.5% of the property value, with a government equity loan of up to 20% covering part of the remainder.
Will interest be charged on the equity loan?
The loan is interest-free for an initial period. The length of that period and the interest rate that applies afterwards have not yet been announced.
Does this replace the Mortgage Guarantee Scheme?
No. It is designed to complement the existing permanent Mortgage Guarantee Scheme, not replace it.
Should I still get a survey if I buy through this scheme?
Yes. Government equity loan schemes address affordability, not build quality. An independent snagging inspection and RICS valuation remain essential checks regardless of how the purchase is financed.
How Kingston Surveyors Can Help
Whatever the Budget confirms on 28 October, new-build buyers in Kingston and south-west London will still need independent, professional checks before exchange and completion. Kingston Surveyors offers RICS-qualified valuations, pre-completion snagging inspections, and building surveys tailored to new-build purchases, helping buyers verify both value and quality before committing. For leasehold new-build flats, our leasehold guidance covers additional considerations specific to flats and apartments. To discuss a forthcoming purchase, contact Kingston Surveyors directly.
Conclusion
"Your First Home" is a significant announcement but an incomplete one. The headline structure, a 2.5% deposit, a 20% equity loan, new-build only, interest-free initially, gives Kingston first-time buyers a framework to plan around, but the figures that will decide whether it actually works locally, price caps, income limits and the interest-free timetable, will not arrive until 28 October. Buyers should use the coming weeks to research participating developments, question pricing carefully, and line up an independent RICS valuation and snagging inspection well before exchange, rather than waiting until the scheme's final rules are confirmed.
