The slump in the Irish housing market continues as latest figures show developments have fallen by 66 per cent in October.

Potential homebuyers are said to be exercising more caution due rising borrowing costs and concerns about the downturn in property.

According to Dublin based research company Goodbody housing registrations fell by two-thirds to 1,315 compared to last year. Calculations were based on Homebond, which registers about 75 per cent of new developments.

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Commenting on Goodbody.ie. Economist Dermot O’Leary said: "The Autumn selling season was always going to be an important phase for the housing market. Judging from the trends in the data above, builders have taken the rational response to cut off further supply in order to halt any additional run-up in unsold stock on the market."

Data from Premier will complete the picture on registrations for the month of October, but these are unlikely to alter the overall trends significantly.

(GK)