It sounds good, however as somebody in the UK who has attempted to buy, the houses they put the scheme on tend to be already way out of first time buyers price range. I don't know anybody my age who has actually been able to buy a house on this scheme :|
I see it as a good idea, but I wouldn't expect it to work. The UK government at the moment is being run by an absolute buffoon, and they constantly make promises that they don't fulfill.