A report from property website Daft.ie shows that annual house price growth has slowed from 14% in April to 6.2% in July.

The report, based on properties advertised on its website, also says buy-to-let investment yields in Ireland are at an historic low with the average yields now at 3.27%.

Daft.ie says that while there is a general slowdown across the entire property market there are significant geographical differences. The average price of a property in Dublin is now €483,000, more than twice the average price of property in Ballina, Co Mayo which is €220,000.

Limerick is now the best place to invest in buy-to-let property with an average yield of 4.07%.

Daft.ie director Eamonn Fallon said the figures used in the report were based on advertised asking prices rather than on closing prices. He suggested they may therefore be the first indication of a soft landing for the Irish property market.

'While there are still areas where price growth is steaming ahead, many parts of country are beginning to see a much more realistic house price growth which is more sustainable in the longer term,' he said.

The average sample size for a month in the report is just over 11,000 properties.