Survey finds it is cheaper to buy a house than rent in most parts of Ireland

A survey has found that mortgage repayments are now more affordable than rent across most of the country.

A survey of 54 areas in Ireland finds that in 80% of them, renting was more expensive in the second quarter of the year.

The research conducted by the Irish Independent shows the only exceptions were parts of south and central Dublin.

Connacht sees the greatest savings for housebuyers where they can save up to €224 a month with a variable rate mortgage with an interest rate of 4.3%.

In Ulster the saving is €213 while in Leinster, excluding Dublin, house buyers can save up to €200 with the savings in Munster adding up to €185 a month.

However, Chairman of the Housing Agency Conor Skehan believes it's proof that the new Central Bank measures are working.

He said: "What we have seen is a stabilistaion in the house sale prices after a period of volatility, so the very steep rise in house prices is now flattening out.

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