Home ownership is slipping further from reach for a locked-out generation, Social Democrats TD Rory Hearne has warned, accusing the Government of failing to rein in surging house prices.

Deputy Hearne, the party's housing spokesperson, said: "Figures released today by the Central Statistics Office (CSO) show that house prices are now 25% above their highest level at the peak of the property boom in April 2007. Nationally, prices have increased by 180.7% from their low point in 2013 after the property crash.

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"In the 12 months to May this year, property prices rose by 6.2%. The median average price of buying a home nationally was €395,000, rising to €500,000 in Dublin.

"The Government's failure to provide affordable homes has fuelled property price inflation. Instead, FF/FG continue to pump the private market with subsidies and roll out the red carpet to international vulture funds.

"This failed approach keeps us locked into an endless build to rent cycle that lines the pockets of investors and only delivers unaffordable homes.

"The Government's overreliance on the private market for housing delivery is driving property price inflation. Until we see a shift to State-led delivery of social and affordable homes at scale, homeownership will continue to be just a pipe dream for our locked-out generation."