Help to Buy: Kickstart the market or create a bubble?

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.