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Cost of running a household up 5% over the past year

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Conor Faughnan: Director of Consumer Affairs with AA.

The average cost of running a household in Ireland has reached almost €16,500 – almost half the average national wage – according to a newly-published report.

The AA’s ‘Annual Cost of Running a Home’ study has recorded a 5% increase on last year, which had been attributed to the significant rise in house prices nationally over the last year.

Director of Consumer Affairs with AA, Conor Faughnan said: “Our calculations are based on a typical Irish house and include costs for mortgage payments, energy and heating, repairs and maintenance.

“The recent surge in house prices affects the 2014 figures. This is partly off-set however by the fact that the typical Irish house has become more energy-efficient.

“The average price of a secondhand house in Ireland during the third quarter of this year was €193,000, up from €170,000 during the same period last year.

“As a result, those who a bought a home during July and September this year are shelling out just shy of €900 more per annum on average on their mortgage repayments compared to their counterparts who bought during the same quarter last year.

“While €900 is a stark increase, recent homebuyers are still dramatically better off each month on average than those who bought a home when property prices were at their peak in 2007.

“At that time the average national house price was €344,000, more than double current prices. As a result, those who bought their home during the peak on average hand over €5,580 more each year on their mortgage repayments alone than those who have recently bought a home,” said Mr Faughnan.

The AA calculates that it will cost €22,012 for those who purchased their home in 2007 to run their homes this year, €6,356 (39%) more than those who bought a new home in the third quarter of this year.

“While you’re locked into certain costs such as your TV licence, mortgage repayments and property tax you can certainly look for better value when it comes to the services you consume.

“When there are multiple players in the market – be it waste collection, electricity or insurance – they are all vying for your business so make sure to shop around and get a good sense of what each is offering,” said Mr Faughnan.

Arriving at the average figure of €16,432 for the year, the AA also factored in a fund for home maintenance and repairs, household cleaning products and the replacement of household appliances in accordance with their warranty periods.

In addition, the average costs of home phone and broadband, a basic digital TV package, the TV licence, the property tax and bin charges were also factored in.

Connacht Tribune

Rural broadband boost

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Remote workers in Galway can connect to high-quality broadband for the first time – following the launch of a new service with average minimum speeds of 20mbps virtually anywhere in the country.

With a simple plug and play installation, and no waiting time on deliveries, customers can be up and running 24 hours after their initial enquiry.

Broadband Anywhere from Magnet Networks is a new mobile technology product which will enable businesses and people working remotely and struggling with basic or no broadband connection to significantly upgrade their connectivity.

Operating on a separate IoT platform, using 4G LTE technology, Broadband Anywhere is not subject to contention and bridges the distance between the fibre exchange and the consumer – commonly known as the last mile.

Testing carried out at a number of locations in Galway resulted in guaranteed minimum speeds of 20mbps download and 20mbps upload while most were averaging between 40mbps – 60mbps.

The tests were conducted in Ardrahan, Bullaun, Bunowen, Clifden, Clonberne, Galway city and Tuam.

John Rattigan is MD of Lafferty Project Managers, based between Tuam and Dunmore – and he says that Broadband Anywhere is delivering speeds of 35 mbps, changing the experience of working remotely.

For more, read this week’s Connacht Tribune.

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The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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Connacht Tribune

At the Edge makes move onto the web

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Special guest....billionaire entrepreneur Iza Login

An international conference on today’s business leadership challenges originally planned to take place in Galway this October was relaunched online with a new focus this week.

Organisers of Leading at the Edge have re-engineered the event to focus on the barriers facing businesses in dealing with the fall-out from COVID-19.

The conference will bring together online, 300 leaders from organisations large and small in every sector from across Ireland to hear from international experts and local success stories on  what’s required to lead in this new environment: rapidly recovering revenue, rethinking the business model and accelerating digital.

“We believe that this conference will provide inspiration, how-to and direction to business leaders in this hugely challenging time,” says Galway resident Kevin Kelly, one of the organisers of Leading at thew Edge.

The event will bring a mix of interviews, presentations and round-table discussions on the themes of Recovering Revenue; Rebuilding Operations; Rethinking the Organisation; and Accelerating Digital.leadingatht

Billionaire entrepreneur and creator of Talking Tom, Iza Login, will talk about how she built a billion-dollar business from nothing, starting in the last recession and what learnings are still relevant today.

US TV personality and author Kelly Swanson will demonstrate how strategic storytelling engages your staff and your customers/clients with your organisation’s purpose.

They’ll be joined by Kevin Kelly, Patrick McKeown and Paul O’Kelly as well as contributors from organisations in Ireland which have compelling leadership stories to share.

The conference will take place on Wednesday, October 7. Early bird tickets are on sale on Eventbrite until the end of July; for further details see www.leadingattheedge.ie

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Connacht Tribune

Hotels peak at quarter full

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John Ryan...hotels need Government support.

Galway hotels will be just one-quarter full for these peak holiday months of July and August – down from an average of 90 per cent occupancy this time last year.

That’s according to the latest industry survey conducted by the Irish Hotels Federation (IHF) shows national occupancy levels of 23% and 26% for the peak summer months.

The figures based on responses from 217 hoteliers across the country and was conducted during the last week in June.

Occupancy for September – traditionally a popular time for US visitors – currently stands at just 22 per cent.

IHF Galway branch chairman, John Ryan of the Ardilaun Hotel, said that the figures show plenty of availability in hotels and guesthouses in every county including Galway.

However, he added that the substantial drop in occupancy levels highlighted the unprecedented challenges facing the sector and the requirement for immediate interventions to support tourism businesses in Galway and across the country.

“When we look across the water to the UK, we see the decisive action taken this week by the UK Government in their Plan for Jobs,” he said.

“The slashing of their VAT rate from 20% to 5% is a clear sign of their commitment to support the recovery of their tourism and hospitality industry. Given how closely our economies are intertwined a similar cut here is necessary.

“The UK is not only Ireland’s biggest market for overseas tourists, it is also our biggest competitor,” he added.

For more, read this week’s Connacht Tribune.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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