Does this sound right to you?
A detailed survey carried out by AA Home Insurance has revealed that the cost of owning and maintaining a family home in Ireland has dropped for the first time in over four years to just over €16,000 per year.
The exact figure of €16,210.49 equates to approximately 41% of the national average wage in Ireland and takes into account mortgage repayments, maintenance, repair and contingency and household bills such as broadband and heating.
The figure is based on the current average house price of a second-hand home in Ireland, which rose from €193,000 in the fourth quarter of 2014 to the third quarter of this year.
Despite the price rise, those who take out a 90 percent mortgage this year are likely to pay €9,417.03 per annum – down 6.7 percent on last year.
That figure also pales in comparison to the ‘negative equity’ generation.
Figures revealed that those who bought a house at the peak of the boom in 2007 (when the average house price was €344,000), currently pay €6,257.49, or a massive 66.45 percent more on their mortgage repayments than those who purchased homes in the third quarter of this year.
Commenting on the figures, Conor Faughnan of AA said: “Owning and maintaining a home absorbs a significant amount of our income. Our research reveals that it certainly pays to shop around for general household expenses such as refuse collection, home heating and telephone and broadband services.”
You can sing that, Conor.
