The jury is still out on the Help to Buy scheme. Some say it has really kick started the housing market, and helped buyers a lot. Others say it's created a housing bubble.
Phil is 31-years-old and moved into this new build in Greenwich a few days ago.
Phil spent years renting but finally decided to dive into the property market using the Help to Buy Scheme.
There are two help to buy schemes - both are designed to help people struggling to save big deposits.
HELP TO BUY: EQUITY LOAN
- The first scheme covers new builds only
- The Government lends buyers 20 per cent towards the property price
- They start paying back in 5 years
HELP TO BUY: MORTGAGE GUARANTEE
- The second scheme applies to all properties
- The Government underwrites up to 20% of a property value
- It gives banks the security to offer mortgages to people with smaller deposits
Part one of the Help to Buy scheme will run until 2020. Part Two until 2016.