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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

Galway call-out with entries now open for Guaranteed Irish Business Awards

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Pictured at the launch of the Guaranteed Irish Business Awards are Patrick Farrell,Retail Banking Director, Permanent TSB; Michael Jackson, Managing Partner, Matheson; broadcaster Anton Savage, and Christina Conlon, Marketing Manager, Guaranteed Irish.

Guaranteed Irish has announced the launch of the 2023 Guaranteed Irish Business Awards, celebrating the best of locally based businesses in recognition of their contribution to business in the country.

The Awards – back after their inaugural year – aim to put the spotlight on local businesses that have made a commitment to support local jobs and contribute to local communities across the country.

The event, which will be MCed by broadcaster Anton Savage, will take place at an awards luncheon in The Shelbourne Hotel on Tuesday, March 14 2023.

“Guaranteed Irish has been supporting businesses in Ireland for almost 50 years and is recognised as the national symbol for trust in business and provenance,” explained Brid O’Connell, CEO of Guaranteed Irish.

“It’s important to celebrate the best of homegrown businesses as well as firms that have chosen to operate locally here in Ireland. Through the Guaranteed Irish licensed symbol, consumers identify businesses that build local supply chains, support local jobs, and embrace sustainable business practices.

For more, read this week’s Connacht Tribune.

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Galway firm thrives through Covid

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Richard Watson, Managing Partner, Furthr VC; and Michael Furey, CEO, Ronspot, announcing that Furthr VC has led a €1.1M investment in Ronspot.

A Galway company described as an all-in-one space management solution for businesses – and which bucked the trend to thrive during the Covid pandemic – has announced a major investment in its operation by an international venture capitalist.

Ronspot, founded five years ago by CEO Michael Furey as a corporate parking management solution, quickly evolved into a three-in-one proposition to manage desking, parking spaces, and meeting rooms for businesses.

This in turn allowed them to easily manage their hybrid workplace and save time on administration, scheduling, staff queries, and real-estate costs.

When the pandemic hit and the world came to a standstill, Ronspot’s parking product and market expansion was put on hold – but, in response, the company pivoted to desk management, creating a system to help manage office desks.

And that allowed the team – based at the ATU (former GMIT) Innovation Hub – to turn a monumental challenge into a massive opportunity to expand and grow the company.

The next step in that process was unveiled last week when Furthr VC announced that it has led a €1.1m investment round in the hybrid workplace management platform, Ronspot.

The investment, which also included funding from the Halo Business Angel Network (HBAN) and Enterprise Ireland, will help Ronspot to expand its team and scale globally.

Ronspot’s cloud-based application enables users to book car and bicycle parking, hot desks and meeting rooms, as well as manage visitor requirements and other resources including lockers – all on one unified mobile app. Users can see real-time availability, as well as the bookings of their colleagues.

Ronspot CEO Michael Furey explained that modern organisations were acutely aware of the need to provide flexible hybrid working solutions in order to retain and attract talent.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

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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Connacht Tribune

Galway programme to boost start-ups

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New programme… PorterShed Programme Manager Rosemary Gallagher.

Galway’s PorterShed is preparing to launch a new programme next month – to get start-ups Accelerator and revenue-ready.

Launching on October 24, the six-week programme will offer companies the chance to learn from mentors, hear insights from expert founders, and really examine their objectives.

Developed by the NDRC, and powered by the PorterShed, this Pre-Accelerator offers start-ups the chance to learn, grow, and finally, pitch.

The NDRC offers a whole host of supports for start-ups, and through hubs like the PorterShed, the NDRC is able to deliver these programmes across the country, ensuring that regional innovation continues to thrive.

“The PorterShed’s network effect becomes even more heightened through a programme like the Pre-Accelerator, because you’re really in it with other startups at a similar level to you experiencing similar challenges – and working through those together. It can feel like summer camp!” PorterShed Programme Manager Rosemary Gallagher said.

Start-ups such as Receipt Relay, Tonnta, and Precisions Sports Technology are just some of the Galway-based companies that have come through the NDRC Pre-Accelerator.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

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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