Tuesday, October 4, 2022

People better off buying than renting, says Mullingar auctioneer

Rental prices in Westmeath far exceed mortgage rates for certain types of homes – in some cases, it’s double.

For example, the average monthly cost to rent a one-bed apartment is €859 compared to €393 for a mortgage.

Similarly for a two-bed home, the average monthly rent here is €1,039 while a mortgage cost just €514.

The price to rent homes in Westmeath is significantly higher than mortgages across most categories. Local auctioneer and Chief Executive of the Institute of Professional Auctioneers and Valuers (IPAV), Pat Davitt, explained that the gap between mortgages and rents is now common nationwide.

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