MP Gareth Snell welcomes new government home ownership scheme as boost for first-time buyers in Stoke-on-Trent
A new government-backed scheme designed to help first-time buyers onto the housing ladder has been welcomed as a major step towards making home ownership a reality for more people across Stoke-on-Trent.
The new initiative will support first-time buyers with as little as a 2.5% deposit, helping those who have been unable to rely on financial support from the so-called “Bank of Mum and Dad” to purchase a modest new-build home.
Under the plans, eligible buyers will be able to access a 20% government equity loan, alongside an initial interest-free period to keep housing costs affordable while they establish themselves in their new home.
The scheme will be targeted towards those most in need of support, with household income caps and property price limits helping to ensure assistance reaches people who face genuine barriers to home ownership. Local house price caps will also help prevent the policy from driving up property prices.
The government says the programme will not only support aspiring homeowners but also encourage the construction of much-needed, high-quality new homes. Developers participating in the scheme will contribute towards its running costs, providing confidence for the industry to bring forward housebuilding projects across the country.
Gareth Snell, Labour and Co-operative Member of Parliament for Stoke-on-Trent Central welcomed the announcement, saying: “For too long, home ownership has felt out of reach for many young people and working families. This scheme will help first-time buyers with smaller deposits get onto the housing ladder, while supporting the construction of new homes, jobs and growth across Stoke-on-Trent.
“Everyone who works hard and saves deserves the chance to own a home, and this is an important step in the right direction.”
Pre-registration for the scheme is expected to open by the end of 2026, with government funding being drawn from reprioritised existing budgets