A new opinion poll suggests there's less chance of a snap election being called, amid the ongoing row over water charges.

The Irish Times poll this morning shows Fianna Fáil's lead over Fine Gael - which had been as wide as 11 points in previous opinion polls last month - is now down to a single percentage point.

Though there are four major series of opinion polls, the Ipsos MRBI series for the Irish Times is held in high esteem by politicians - having come closest to predicting the final outcome in each of the last three elections.

If that were the case again this time, any perceived advantage held by Fianna Fáil in a snap election would be reduced to almost nothing.

While its rating remains at a relatively healthy 29 per cent, Fine Gael now stands at 28 per cent - much higher than its standing in a series of other recent polls.

That means the two parties would be virtually neck and neck in the number of seats after a snap election.

Given that Enda Kenny also intends to stand down before another election, Fine Gael may also be able to exploit the 'bounce' that often follows the appointment of a new leader, reducing any FF advantage even further.

Sinn Féin meanwhile performs strongly and is up to 21 per cent.

However the poll brings bad news for Labour, which slumps to 4 per cent, its lowest ever rating in this series of polls.

The Green Party is on 3 per cent, alongside the Anti-Austerity Alliance/People Before Profit, while the Independent Alliance and the Independents4Change groups are each on 2 per cent. 

The Social Democrats account for 1 per cent, with unaligned independents on 6 per cent.

The poll also shows support for the Government remains largely unchanged, despite the latest political controversies.

Micheál Martin is the most popular party leader, with Gerry Adams up two points to 29 per cent.