The cost of running a home in Ireland has increased by over €1,000 this year 2 months ago

The cost of running a home in Ireland has increased by over €1,000 this year

It accounts for almost half of the average Irish income.

The latest figures released by AA Roadwatch show that the cost of running an Irish home in 2019 has increased by over €1,000 per year.

From the research performed by the insurance intermediary, it was discovered that last year's average cost for running a home, €16,374.45, has increased this year to €17,393.25.

This accounts for approximately 43.4% of the average income in Ireland.

The cost is calculated by the average expenditures on a mortgage, property tax and bills for the likes of broadband, heating and the cost of domestic appliances.

The average cost of a home in Ireland has increased by a massive €26,000 from last year, with the 2019 average now at €269,000, which in turns leads to a 9.45% increase on the cost of a mortgage since last year.

Conor Faughnan, AA Director of Consumer Affairs, says: "While we're still significantly off the peaks seen during the Celtic Tiger, house prices have continued to surge in the past 12 months, representing a major issue for both those looking to acquire their first home and those trying to meet their monthly mortgage repayments.

"In fact, the increase in monthly mortgage repayments almost single-handedly accounts for the over €1,000 increase in home running costs that we have seen this year.

"The good news is that many of the other increases seen in home running costs are offset by drops in the cost of electricity and broadband/tv charges, meaning if you were fortunate enough to purchase your home when prices were lower, your financial situation is largely unchanged."