It could take another 3 years for housing construction to build back up to the levels needed to meet demand.
That's one of the findings in the latest Housing Market monitor from the Banking and Payments Federation.
The survey reveals that housing activity recovered strongly at the start of the year, despite public health measures shutting down building sites.
Chief Executive of the BPFI Brian Hayes says there is still a huge demand for residential properties.
"There's a significant supply constraint that is building up in the market, not helped of course by Covid.
"There's a significant demand that's there and that's causing significant pressures in terms of the age demographics, within the profile of those who would ordinarily want to buy homes or those who want to leave home to start a new home.
"That's something I think we all have to work hard on."
