Newly appointed Minister for Housing Eoghan Murphy said at the weekend that he was ‘concerned’ that the Help to Buy scheme was not working as intended.

Minister Murphy told RTE’s The Week in Politics that a review of the Help to Buy scheme was underway to see if it delivered “on the supply side” and whether the scheme had caused an increase in house prices.

The Department of Finance tells SelfBuild the review is being undertaken by Indecon Economic Consultants and the results are expected by August 31st.

The scope of the review includes an impact assessment on the supply of new homes, house prices and the residential property market generally. The press office said the review was announced during the debates in the Oireachtas on the Finance Bill when the Minister for Finance agreed to commission an independent report prior to Budget 2018.

A decision on the Help to Buy scheme will be taken after the review has been completed.

The Help to Buy scheme was introduced in Budget 2017 to increase the housing stock and consists of a payment in the form of tax-back that makes it easier for first-time buyers to secure a mortgage on a new home or self-build project.

The initiative has come under fire since its introduction last year and since then, homeowners registering for the scheme have also dealt with some confusion over the deadlines.