Annual cost of running a home down first time in four years, says AA Home Insurance

The annual cost of owning and maintaining a family home has dropped for the first time in four years, according to the latest household survey from AA Home Insurance.

The survey says it now costs just €16,210.49 a year to run a home.

That figure equates to about 41% of the average Irish national wage and is €222.49 lower than this time last year.

However, those mortgage holders in negative equity who bought in 2007 at the height of the boom are still worse off.

Their loan variable rate repayments are around two-thirds higher, or €6,257.49 more, than someone who bought a home this year.