Average rents have increased by over 82% in Ireland since 2010

Cost of living crisis will not dampen demand for housing, report warns 

The report also notes the decline in new housing construction commencements across the country which comes at the same time as the country's population increases. Picture: Denis Minihane.

House prices are unlikely to fall unless supply increases substantially even with a cost of living crisis a new banking report shows.

Population growth and considerable pent-up demand exacerbated by the significant gap between average rent and mortgage payments means house price pressures are set to remain according to an analysis by the Banking and Payment Federation of Ireland (BPFI).