Rocketing rents to resurrect home sales

Date Published: 04-Dec-2007

ROCKETING RENTS in Galway City — which are up almost 10% in the past year — will coax buyers back into the stagnant property market, according to a new report.

Economists believe that because rental costs are now on a par with — and sometimes higher than — mortgage repayments, many people will consider buying their own home.

Ironically, it is the current stagnancy in the market that is forcing rents up and people to consider buying a home.

New figures show that rents for an average three-bed in the city can be more costly than the monthly burden of a mortgage if the homeowner decides to rent out rooms tax-free.

The survey from property……