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.
When some friends of mine were buying 3, 4, years ago, they were buying around the £250,000 to £300,000 mark in London. In the end I came in with similar expectations and there was just nothing on the market on that price. There are two help to buy schemes - both are designed to help people struggling to save big deposits.
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
What Help to Buy has done is encourage that extra push to the market. It's encouraged builders to go out there and recognize the extra demand. They've gone in turn and said, right now we can identify that demand and find more sites.
Part one of the Help to Buy scheme will run until 2020. Part Two until 2016.
I do think that if it enables people to buy properties than are more expensive than they would otherwise be able to afford that's nice for them - but as a whole it pushed the market prices up, which is already inflated.