Cost of owning home rises to €16.3k

THE annual cost of owning and maintaining a home in Ireland has risen to €16,374.45, research from AA Home Insurance has revealed.

This year’s estimate – up more than €360 from last year – represents 42% of the average national wage.

AA director of consumer affairs Conor Faughnan said: “Another year of rising household costs is the last thing homeowners would have wanted to hear but it is, unfortu- nately, the situation we find ourselves in.

“While the continued climb of house prices has been one of the major stories of 2018, it’s not just the cost of mortgage repayments or getting your foot on the property ladder that have risen in the past 12 months.”

The Cost Of Running A Home analysis revealed heating and electricity are two of the bills to have increased since last October. The average homeowner will spend 11% extra heating their home (€785.90) and on electricity (€1,047.33). The increases come as the cost of houses, excluding new builds, rose from €224,500 during the third quarter of 2017 to €243,000 for the same period this year.