Despite criticism of the Central Bank’s mortgage-lending rules, the regulator has received just 16 submissions to date as part of a review of the rules.

The rules, which were introduced in 2015, restrict the amount those trading up can borrow to 80 per cent of the property’s purchase price, while first-time buyers can borrow up to 90 per cent on properties valued at less than €220,000. Income multiples are restricted in both cases to 3.5 times’ income.

The rules have been frequently criticised in many quarters for slowing market activity and making it too difficult for people to buy, thereby putting extra pressure on the rental market.

Impact and effectiveness

In June, the Central Bank embarked on a review of the rules, the aim of which it said was to assess their "impact and effectiveness". It said the submissions received would help it inform its annual review of the measures, with the outcome of the first review due this November.

However, as of Wednesday, just 16 responses had been received by the regulator, 11 of which came from individuals, with the rest submitted by institutions.

By comparison, the previous consultation on the rules, which took place before they were introduced, attracted 157 submissions (110 from individuals, 47 from institutions).

The consultation is set to run until August 31st and members of the public and institutions can make a submission via www.centralbank.ie.

The regulator has previously said the review may not lead to a change in its rules. Former Central Bank deputy governor Stefan Gerlach recently warned that Ireland could face another property crash if the market regulations were relaxed.