Growth in mortgage lending dropped below 10% for the first time in more than 20 years in July.
The Central Bank says its latest figures underline how much activity in the housing market has dropped.
The amount of money owed in mortgages grew by 9.6% in the year to July - the first time this figure has been below 10% since late 1987.
The monthly increase in mortgage lending came to less than €1bn, which the bank says is less than half of what was being recorded this time two years ago.
Meanwhile, IFG, which is involved in mortgage broking, this morning said it expected a 40% drop in new mortgage lending this year.
