Dr. Rachel Slaymaker:

On the UK evidence, a study by the London School of Economics found that the UK scheme stimulated housing construction in the wrong areas, so there was an increase in construction but it was not in the areas where the biggest affordability challenges and supply constraints are. From an Irish perspective it is particularly important to take note of that, given the particular supply constraints there are in Ireland. The study also found that in the areas where there was a supply constraint and where there was no discernible increase in construction, they did see an increase of 6% in the price of new builds. It is important to take that into account.

In the audit report, the 1% difference between people who were accessing the scheme and those who were not in terms of a similar property is not an analysis of the broader impact on house prices; it is simply looking at the price people paid whether they accessed the scheme or not. That is not looking at the impact on house prices. It is simply a case of whether there was a premium for people who used the scheme or not.