The Your First Home scheme will be targeted at those who most need support getting on to the property ladder, the government said.
The prime minister said he was concerned by the number of young people who have given up owning a home due to high living costs.
Under the scheme, first-time buyers could get the keys to their property with a 2.5% deposit saved.
Politics latest: Burnham 'not tempted' to call early election
With this amount saved, a loan worth 20% of their property's value will be made available to help pay for the purchase.
This equity loan will initially be interest-free to ensure housing costs remain affordable.
It means that a buyer purchasing their first home for £230,000 - the national average for a starter home, according to Rightmove - could put down a £5,750 deposit and access a loan of up to £46,000.
👉 Click here to listen to Electoral Dysfunction on your podcast app 👈
Funding for the scheme is set to come from reprioritising existing government budgets.
Housing developers will also pay towards the running costs of the scheme, which ministers hope will give the industry confidence to build new homes.
Mr Burnham announced the scheme as he arrived for the annual Labour Party conference, which starts in Liverpool on Sunday.
He said: "Too many young people are struggling with the cost of housing, with many giving up hope of ever having a home to call their own.
"So we will step in to help more first-time buyers on to the housing ladder, especially those who can't call on the bank of mum and dad.
"Your First Home will get them the keys to their own front door and give builders the confidence to deliver the high-quality new homes the country needs."
More from Sky News:
Labour members call for Palantir's NHS contract to be cancelled
Housing Secretary Angela Rayner said: "We've seen too many people priced out and giving up on the dream of ever having a home to call their own.
"This scheme will make getting on the first rung of the property ladder just that bit easier and increase access to home ownership."
According to local reports, the blast originated near the Acropolis in the Greek capital on Friday morning.
Emergency crews recovered six bodies following the explosion in the Plaka tourist district, Greek broadcaster ERT said.
The Briton and his partner, who were reportedly both in their 70s, lived on the second floor of the building overlooking the Hadrian's Gate monument.
A US State Department spokesperson has confirmed that four Americans were also killed in the explosion.
"We offer our sincerest condolences to the family and loved ones on their loss," they said.
"The Department of State is providing consular assistance to the family.
"Out of respect for their privacy during this difficult time, we have no further comment."
Earlier on Saturday, three people were pulled out and taken away by ambulances following a search and rescue operation involving 30 firefighters using cameras and sensors and three sniffer dogs.
Two other women were injured in a next door building in Lysikratous Street, the fire service said.
Neighbouring buildings were also damaged and evacuated, along with shops and cars, as the force of the blast sent rubble and broken glass as far as three streets away.
The building was reduced to twisted metal, shattered tiles and concrete, strewn with household items and clothes.
Video footage and pictures from the scene showed rubble strewn across the street, with parked cars smashed by falling debris.
Those rescued by firefighters from the adjacent building were all tourists, resident Andreas Martzaklis said.
An investigation into the cause of the blast is under way, but it is believed to have been caused by a massive gas leak, Athens mayor Haris Doukas said on Friday night.
Read more on Sky News:
Noel Gallagher on Man City 'verdicts'
Bangkok 'disaster area' after floods
There were reports of a gas smell in the area, which is home to hotels and short-term rentals.
The pastor of a nearby church said this Sunday's service would be held outdoors because of damage to the church.
The Plaka district lies at the foot of the Acropolis hill, Greece's most visited ancient monument, and the Temple of Zeus.
A spokesperson for the Foreign, Commonwealth and Development Office said: "We are aware of a suspected explosion in Athens and are in touch with the local authorities.
"We stand ready to offer assistance to British nationals abroad 24/7."
The Football Association of Ireland (FAI) revealed on Saturday afternoon that a player had expressed their "discomfort" at playing in the match, telling the head coach that they intended to withdraw from the squad.
The player's decision to leave the camp led the other players to carry out a vote on whether to boycott the game, in which a "significant majority" opted to play, FAI CEO David Courell told a news conference.
He said only one squad member was leaving the team and Bazunu later confirmed it was him in an Instagram post.
The 24-year-old said it was a decision he had "not taken lightly".
"I am a man of strong faith and try my best to be a person of character and principle therefore I feel it would be wrong to participate in the upcoming fixtures against Israel," he said.
"My decision is based purely upon my personal belief that the killing of innocent people is wrong.
"It is important to note that my stance is not in opposition of the Israeli people or the Jewish community but against the atrocities in the region.
"There are few times where you get a chance in life to stand up for something bigger and I strongly believe that this is one of them."
Ireland has been one of the most outspoken critics of Israel's war in Gaza. There have been numerous protests in the country calling for the team not to fulfil the fixtures with Israel after the teams were drawn together in February.
Doubt was cast on the fixture going ahead after the Republic of Ireland's news conference and a training session were delayed on Saturday morning. It was only later revealed that the players had been debating whether or not to participate.
In a press conference on Saturday afternoon, FAI CEO David Courell said that the Ireland players had decided not to shake hands with the Israeli team before the game, and that there would be no exchange of the customary pennant.
He also said the Irish players would wear black armbands in honour of all the victims of the conflict while donating their match fees to charity.
Ireland's coach Heimir Hallgrimsson said: "All the rest of the players are training today.
"It's an ongoing discussion and we haven't come to a kind of conclusion on this, but we are going ahead, the game is going ahead, we're going to train. And there will be more discussions tonight and probably tomorrow."
The Icelandic manager previously drew criticism from the Israeli football federation for his comments on fixture, in which he said: "We're not playing with genocide, we're playing against genocide. We're playing against Israel, we're not playing with Israel".
If the Republic team had refused to play the game, due to kick-off at 7.45pm on Sunday, they could have been subject to warnings or fines from UEFA.
In November, FAI members voted for its board to request that UEFA suspend Israel from European competitions.
More from Sky:
British man and Greek wife killed in Athens
OpenAI accessed US government data
But a motion in favour of going ahead with the fixtures was passed at an FAI meeting in July.
All of Israel's home games are scheduled to take place in Debrecen. Ireland also moved their home fixture - on 4 October - to Serbia, where the game will be played behind closed doors.
Last week, Hallgrimsson used the word "genocide" in a news conference. The Israeli FA responded by calling his remarks stupid and ignorant.
Israel has strongly rejected any allegations of genocide during the conflict.
The airport's bosses are understood to have told ministers that the current 2035 deadline is not possible.
It was set by then-chancellor Rachel Reeves in January last year and was considered ambitious at the time.
It will likely come as a blow to Prime Minister Andy Burnham's hopes of using the project to help grow the UK economy, and comes on the eve of Labour's annual conference in Liverpool.
Ms Reeves believed the project could help kickstart growth and announced the government was backing a third runway, which it believed could create 100,000 jobs.
Heathrow, the largest and busiest of the UK's airports, aims to get planning permission by 2029, and has always considered building the new runway within a decade to be a reasonable goal.
Its bosses believe it could be delivered more quickly, but that this may require further regulatory red tape to be removed beyond reforms that the government has already made to planning law.
A Heathrow spokesperson said: "It's right that ambitious targets were set; the sooner expansion begins, the sooner the whole UK will benefit. Our focus has always been to secure planning permission by 2029.
"Once achieved, the runway will be open within a decade - and the benefits of expansion can be felt from today. At least 108,000 new jobs and billions invested in supply chains in every part of the country.
"This is a national project, 100% privately financed, which will support growth today and secure the UK's position in the global economy once the runway opens."
More from Sky News:
Israel game is on, Ireland says
Bangkok a 'disaster area' after floods
Man City boss responds to charges
A Department for Transport spokesperson said: "There is currently no live planning application for a third runway, and we cannot comment on ongoing consultation processes or prejudice them in a way that will only delay progress.
"The timeline has always been ambitious.
"We'll continue to work with promoters, including Heathrow, and all other stakeholders at pace to ensure the right framework is in place for which a planning application for a third runway could be considered."
The Met Police were called at around 1.20am on Friday to a report of a man found seriously injured on North Pole Road.
The 24-year-old victim was pronounced dead at the scene, police said.
Police believe the moped involved in the collision had been pursuing the e-bike prior to the incident.
More from Sky News:
British man and Greek wife 'die in Athens explosion'
Bangkok a 'disaster area' after floods
Detective chief inspector Neil John, who is leading the investigation, said: "Our thoughts are with the victim's family at what is a very difficult time.
"We have launched a full investigation and are working hard to get answers and establish exactly what happened. Our team are pursuing a number of lines of enquiry, including efforts to identify and trace the rider of the moped.
"As part of this, we're urging anyone who was in the area at the time and may have seen the e-bike or the moped to get in touch with us as soon as possible. If you have any information that could help, please come forward."