The Central Bank has admitted the figures it used to set a price limit of €220,000 on 90 per cent mortgages for first-time buyers do not reflect current property prices in Dublin.

Under new rules imposed by the Central Bank this week, banks will only be able to offer mortgages of 90 per cent to first-time buyers on properties costing €220,000 or less. For amounts over that first-time buyers will need to have a 20 per cent deposit. Those who are not first-time buyers will require a 20 per cent deposit.

On Wednesday governor of the Central Bank Patrick Honohan said the decision to set the cut-off point at €220,000 was taken because about half of the houses currently being bought by first-time buyers in Dublin were below this price point.

However, new data published by property website myhome.ie shows there are just 395 houses for sale in Dublin for €220,000 or less. If apartments are included, the figure rises to 842. There are currently 2,757 houses and 944 apartments on sale in Dublin.

When contacted the Central Bank said Mr Honohan was using loan level data based on returns from individual banks.

A spokeswoman said the bank had “a lot more detailed figures beyond what’s publicly available”.

However, she said the data was based on figures submitted by domestic banks covering loans issued in the first half of last year. Since then, property prices in Dublin have gone up at least 10 per cent.

Managing director of myhome.ie Angela Keegan described the Central Bank's new rules as balanced but said the key issue remains the lack of supply in Dublin.

“The new lending rules strike a balance between the needs of consumers and the need to protect the economy and indeed the country from rapid price inflation,” she said. “New measures won’t solve the supply issue that exists.”