175,000 people aged 25-39 year olds living with their parents

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175,000 25-39 year olds are living with their parents and 330 thousand homes are currently being rented in Ireland.

Figures from the Banking and Payments Federation Ireland also reveal that despite an overall market slowdown in home purchases, demand in the first time buyer market remains strong.

The latest Housing Market Monitor for quarter two also points to a high number of new housing completions for the year.

Chief Economist with the Federation Ali Ugur said at the current rate more than 30,000 new homes could be completed this year:

"So if you look at it on a quarterly basis, there was a decline in terms of housing completions and if you make the same comparison on a yearly basis, there were more than 30,000 units completed in the Irish market."

"If the current trends continue it's very encouraging, but again it depends on the current trends to continue."