New figures released by AA Home Insurance have revealed that the annual cost of owning and maintaining a family home has risen by over 3% in the last 12 months to €16,169.15. This equates to about 43% of the national average wage.
The annual findings are are made up by using the current average property price to find the cost of mortgage and property tax while all other expenditure such as broadband, heating and the cost of domestic appliances is researched and calculated according to prices as of October 2017.
Conor Faughnan, AA Director of Consumer Affairs feels that the increase in household costs could have been worse and urged people to do their research when it comes to spending:
“The big story for 2017 has been rising house prices and increased difficulty for those trying to get on the property ladder this year. However, for those fortunate enough to already own a home 2017 hasn’t seen any major increases across the range of bills an average homeowner will face.
"For new buyers the concern is that house prices are going up, especially in Dublin. However, one thing this piece of research does demonstrate is the effectiveness of shopping around. Across all the bills we factor into this study you’ll see considerable variations between competitors. Spend a little time on the research and it can certainly save you money.”