Finally, Property Services Regulatory Authority data indicates that the level of property transactions has continued to grow in the first half of 2015. Furthermore, any problems with the functioning of the property market highlighted by these measures are better addressed by policies in other areas.
For instance, do building regulations impose unnecessary additional costs and thus constrain supply?8 And to what extent is the demand for owner-occupied housing reflecting a poorly functioning rental market? Clearly, permitting risky lending is not a good solution for problems originating elsewhere in the housing market. Conclusion Earlier this year, the Central Bank of Ireland brought in macro prudential measures for residential mortgage lending.