Mortgage repayments now more affordable than rent, says report

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Mortgage repayments are now more affordable than rents across most of the country.

A survey of 54 areas in Ireland finds that in 80% of them, renting is more expensive.

The figures compiled by Daft.ie show the only exceptions were parts of south and central Dublin.

The report says the saving in Leinster - excluding Dublin - averages €200 a month, and in Munster the savings come to €185 a month.

While in Connacht consumers could save around €224 and €213 in Ulster.

However chairman of the Housing Agency, Conor Skehan, believes it is proof that the new Central Bank measures are working.

"What we have seen is a stabilisation...that the house sale prices after a period of volatility - so you saw a very steep rise in house prices which is now flattening out" he told Newstalk Breakfast.

"We would expect a similar type of recovery pattern to happen in something like rent - we don't know when it'll happen" he added.

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