Just 12,000 houses are expected to be completed in 2015 according to new research from Property Industry Ireland. This is well shy of the 21,000 - 25,000 houses which it is forecast that Ireland needs to satisfy current demand.

The report also found that more than half of the €1.23bn in mortgages drawn down during the third quarter of 2015 came from first time buyers.

This is despite the introduction of new rules from the Central Bank, which require first time buyers to save a deposit of 20% to buy properties which cost more than €220,000.

While 57% of the mortgages were for new buyers - Peter Stafford, Director of Property Industry Ireland joined Newstalk Breakfast this morning to discuss current trends in the Irish property market, he warns that these new rules could discriminate against single people.

He says that they are currently having "real difficulty" raising the capital needed to get a mortgage - even though in many cases they are paying monthly rents which are higher than what their mortgage payments would be.

Workers with 'portfolio' style careers, or who have changed careers or taken jobs with start ups are also finding it harder to secure mortgages, according to Mr Stafford.

He adds that across the whole market for first time buyers high rents in urban areas and rising housing prices are creating a cycle which is keeping people off of the property ladder.

"They're chasing a never ending pot of money, every time they reach the 20% threshold the price has gone up," he says.

The lobby group analyses completed builds , commencements, planning permission filings and transactions to monitor the property market.

In the commercial sector demand remains strong - with a concentration of tech companies in Dublin leading to an increase in demand for high quality office space.