The number of residential property sales for the first half of 2016 was down 8.2 per cent compared to the same period last year.

According to an analysis of the Property Price Register by MyHome.ie, there were 20,447 sales recorded between January 1st and June 30th of this year – 1,826 fewer than in the first six months of 2015.

All but five counties saw their level of sales fall in the first six months of this year. The decrease was particularly noticeable in urban areas with sales in Dublin falling by more than 1,000 units from 7,512 to 6,508, representing a fall of 13.4 per cent. This drop was replicated in the other key population centres of Galway (-11.6 per cent), Limerick (-10.8 per cent) and Cork (-3.8 per cent).

Waterford bucked the trend slightly, with a jump in transactions of 13.2 per cent to 599 but it was one of just five counties along with Monaghan (9.1 per cent), Westmeath (5.6 per cent), Sligo (2.6 per cent) and Tipperary (1.3 per cent) to see their sales increase.

The decline in sales was less noticeable in the commuter counties of Kildare (-3.8 per cent), Meath (-6.4 per cent), Wicklow (-2.5pc) and Louth (-0.6 per cent).

Overall, the figures show the combination of a shortage of stock, coupled with the introduction of the Central Bank's lending rules in the early part of last year, are clearly impacting the market. MyHome.ie managing director Angela Keegan said: "The number of homes for sale is down 6.7 per cent on last year to 23,520, which is close to historical lows. While the lack of supply is currently supporting price increases, it will eventually hold back housing market activity and addressing this issue has to be a key priority for the Government."

Meanwhile, there were 252 transactions priced at €1 million or more. Although at the upper level of this table, commercial developments and sites are skewing the data.

The most expensive property sale this year was the €64,085,057 paid for the Tallaght Cross West development in Dublin 24. The Kylemore Clinic in Ballybrack sold for €15.45 million while the largest one-off residential transaction was the €10.225 million paid for 19 Temple Road, Dartry, Dublin 6.