Some good news for families, via the Irish Independent‘s Charlie Weston – the cost of running a home is down €220 when compared to last year. That’s according AA Ireland, who calculated that the figure now stands at €16,200, the first time it has dropped in four years. “One of the key drivers of the year-on-year decrease is that current mortgage lending rates are considerably lower now than this period last year,” said the AA’s Director of Consumer Affairs, Conor Faughnan. “The change is down to market forces and pressures from the Central Bank of Ireland and is undoubtedly good news for first time buyers.”
In other news, a Daft report has revealed that rental prices nationwide have risen by 3% over the last four years. Between July and September 2015, the average price was €964, compared to €882 during the same period last year. The largest increases are seen outside of Dublin, in Cork and Galway cities.
Finally, according to FBD Irish consumers could be facing further insurance hikes across all providers, on top of the 8% rise experienced thus far in 2015. The increased cost of claims is being noted as one of the factors, with insurance companies likely to raise prices to counter this cost.