What you need to know about Your First Home scheme for first-time buyers

Government announcement sparks a rally in FTSE-listed housebuilders, but there are still a lot of unknowns

• Labour’s modest reheat of help to buy is worth a try

The government will unveil a fresh scheme to help people on to the housing ladder next month but a debate is already raging over whether it is first-time buyers or housebuilders who will be the biggest winners.

At the weekend, Andy Burnham announced plans for Your First Home, which aims to give a helping hand to first-time buyers who do not have the luxury of being able to call on the “bank of mum and dad”.

Only a few details have emerged, but the news was enough to send the share prices of many UK housebuilders surging on Monday. Persimmon closed 14.7% higher, while Barratt Redrow added 11.7%, Taylor Wimpey 11.5%, Crest Nicholson 11% and Vistry 10.7%.

Explore more on these topics

• First-time buyers
• Property
• House prices
• Help-to-buy scheme
• Housing market
• Economic policy
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