Sinn Féin is calling for the Help to Buy scheme to be suspended to allow for a full review.

Spokesperson Pearse Doherty also accused Finance Minister Michael Noonan of "ignoring evidence" that the scheme is adding to the rise in house prices.

Mr Doherty said: "When it was put to the Governor of the Central Bank that this scheme was adding to house price inflation, he said, 'that is going to be the impact effect'. The scheme has added to price increases.

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"This scheme needs to be suspended to allow for a full review. Figures released to me show that at least 73% of the successful applicants did not require the scheme to meet the 10% deposit requirement. Of the other 27%, it is not clear whether they actually strictly required any extra to meet the 10% deposit.

"Minister Noonan's claims that this scheme is about helping young families buy homes are nonsense. It is driving the cost of homes beyond the reach of the average family and that extra money is going straight into the pockets of the developers and the banks."

(CD/LM)