I think that the banks have been quite responsible in keeping the variable rate low.

He also described the tax credit of 500 euro per year for the next two years which renters will receive as a "gesture".

'If inflation can't be controlled, upwards of 1.5% could come on board in the next 12 to 18 months'

Homeowners on variable or tracker rates look set to face higher repayments soon.

Commencement notices for planning permission has slowed down due to the increasing cost of materials.

Harry Dwyer from Moneycare Ireland said it was positive to see an emphasis on new builds in Budget 2022.