The Central Bank has said new mortgage lending rules which it introduced earlier this year have worked.
The new regulations were brought in on January 27, 2015.
Deputy Governor Stefan Gerlach, in an address to the Society of Chartered Surveyors annual conference, said macro-prudential policies introduced by the Bank had worked "by reducing the speculative element of housing dynamics".
However Mr Gerlach said it was too early at this stage to assess their impact on lending as the Bank did not have any firm data.
Meanwhile, the President of the SCSI Andrew Nugent described the Government's failure to introduce direct measures to improve housing supply as both puzzling and disappointing.