Labour has called on the government to introduce a national Affordable Housing scheme.

The party's Spokesperson on Housing, Jan O'Sullivan, made the call after online mortgage advice for young people by the Bank of Ireland reflected the "grim reality" of the housing and rental market.

Deputy O'Sullivan said: "Unfortunately the current state of the housing and rental market means that for many young people trying to buy a house, moving back in with their parents is their only option to save for a deposit.

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"Just this week, figures from Daft.ie put rents at a record high for the first six months of the year. It is simply becoming unaffordable for those that actually manage to secure a property to rent, to pay these extortionate prices while trying to save for a deposit at the same time.

"And with supply also at an all-time low, there are warnings that house prices will continue to spiral for the next five to ten years if immediate action isn't taken.

"Bank of Ireland seems to have completely blanked out the central role banks played in the boom-bust cycle that led to the current supply crisis.

"And for those that don't have the option to live with family, many people and families as we know, are ending up on the streets.

"Government has to address the crucial supply issue and make use of the thousands of vacant properties around the country to begin addressing this crisis."

(CD/LM)