Simon Cox of Walter Cooper discusses whether Labour will revamp Help to Buy

Simon Cox is managing director at Walter Cooper

The ‘will they, won’t they’ speculation has been whirring for months and is showing no signs of stopping. As we near the Spring Statement on 3 March, the chancellor clearly has a decision to make. This is a once-in-a-generation opportunity to set Labour apart and genuinely reinvigorate the first-time-buyer market in a way never seen before by the party.

While Labour has dabbled in first-time-buyer-specific schemes in the past, including the short-lived HomeBuy Direct in 2007 and the Right to Acquire in the 1990s, the party has never made a systemic impact comparable to Help to Buy. Introduced by the coalition government, Help to Buy enabled more than 361,000 property purchases, with the overwhelming majority afforded to first-time buyers. In the years since the shared-equity scheme’s curtain call on 31 March 2023, the market has suffered astronomically. While external factors have clearly driven this imbalance, it is difficult to pretend the lack of financial support specifically for first-time buyers hasn’t played a part.

Labour’s manifesto set out clear ambitions to boost housing delivery, with the infamous 1.5-million-new-homes target an oft-repeated goal. As part of these plans, Labour shared ambitions to get an estimated 80,000 additional young people on the housing ladder within five years through planning reforms and local priority. Yet despite lenders declaring 2025 a near-record year – with a predicted 18% rise in buyer demand compared with the previous year – the reality is these figures are only a fraction of the market demand seen during the glory days of Help to Buy.

Step up: the Help to Buy scheme empowered many first-time buyers

If rumours are true, No 10 is keen on the idea. However, the Treasury is said to be less convinced about committing public money to a new scheme. It is reasonable to assume that Labour would be hesitant to rehash a scheme from the opposition, but there is a clear opportunity for the chancellor to create a legacy policy.

First-time buyers are the lifeblood of the housing market, commanding an impressive market share. In January 2026, this cohort comprised 34.3% of UK property purchases – the highest in two decades, according to research by Connells. Demand is clearly there, but while there are signs the market is slowly turning, without meaningful intervention we will fail to hit the number of buyers we need.

Government intervention

Developers are clamouring for action from Labour, with Persimmon taking this a step further by partnering with mortgage lender Gen H to offer an interest-free equity loan scheme that mirrors Help to Buy. Housebuilders from PLCs to SMEs are finding their own solutions to increase first-time buyer ownership, whether that’s developer-specific schemes or through incentives that reduce stamp duty costs. The reality is that unless such action is taken on a national scale, the impact will only reach so far.

There is a feeling that intervention is inevitable. The market isn’t functioning as it should. Developers aren’t hitting the sales they need, and without a sales pipeline, this puts build schedules and funding at risk. It raises the question: if this is the only solution for Labour to reinvigorate the market, then why delay?

Labour has attracted unsavoury headlines recently, with the prime minister’s leadership called into question and mixed responses from his own party as to whether he should step down or ride out the storm. With Sir Keir Starmer seemingly ready to knuckle down and face political challenges head-on, what better way to demonstrate his leadership than by working with the chancellor to implement a tangible package of support for first-time buyers.

Simon Cox is managing director at Walter Cooper