Home ownership rates declining in Ireland

Home ownership rates have dropped in Ireland since the economic crash, according to a major global report by the ratings agency Fitch.

Home ownership levels have fallen around 80% to less than 70% today.

"Tight credit availability and stretched affordability should continue to lead to falling home ownership levels in many countries around the globe with a generation of first time buyers largely priced out of the market," the report stated.

"Prudential measures now target overheating markets in the Asia Pacific region, Canada, the UK and perhaps Ireland in the near future.

"While such measures reduce long-term risks, they put pressure on home prices and lending."