Communities minister Don Foster launched the initiative after it had been trailed in the newspapers last weekend. Mr Foster said the panel would bring independent experts together with government and it will report to ministers in spring.
The panel will comprise: Andy Von Bradsky (architect); David Clements (building control); Paul Watson (planner); and Kirk Archibald (developer).
Mr Foster said essential safety and accessibility protections would remain untouched and that homes would always need to be built to high sustainability and quality standards. He said a separate group would work alongside the Independent Challenge Panel to consider the specific issue of standards applied to house building.
The Department for Communities and Local Government said thee review would also look at environmental standards, such as the Code for Sustainable Homes.