Updated: 03/12/15 : 10:38:26
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Majority have given up on owning own home

A new housing report claims the majority of Irish people have given up on the idea of ever owning their own home.

Some 58% of people surveyed said long-term rental is now their reality.

However, according to Co-operative Housing Ireland, people living in rented accommodation are facing an uncertain future amid rising costs and a housing shortage.

Rent now accounts for around 40% of most people's income, while 70% of those in Dublin expect payments to go up in the next 18 months.

Housing Ireland's CEO Kieron Brennan said that the system is not ready for longer tenancies yet.

"Here in Ireland we have many small landlords," he said.

"Most landlords, 65%, have only one property, and they are, I suppose, amateur in a way, some of them are accidental landlords.

"So the proposition would be, in the longer term, that we would move from that situation to the continental model of institutional, large professional landlords, which would give stability and longer-term tenure."