The latest data has shown new tougher lending rules brought in by Ireland's Central Bank are starting to have a cooling impact on the housing market.
The rules which were introduced at the end of January this year brought in stricter lending regulations aimed at increasing the stability of Ireland's banking and housing sectors. It is hoped the move will prevent price spirals in the future.
One of the main points of focus was the introduction of new Loan to Value (LTV) rules on a range of mortgages including those for first time buyers, those for non-first time buyers and Buy-to-let investors.
Non-first time buyers applying for a mortgage for a Principal Dwelling are now forced to save more before they can be considered for a new loan. The new limit is set at a maximum of 80 per cent Loan to Value ratio.
First time buyers can apply for 90 per cent mortgages on properties valued up to 220,000 euros. Should they wish to apply for a mortgage on a more expensive home a 90 per cent LTV limit will apply on the first 220,000 euros and 80 per cent LTV will apply on anything above this amount.