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Maintenance costs biggest worry for those with homes

Just 11% said meeting mortgage repayments and rent was their biggest cause of concern
Just 11% said meeting mortgage repayments and rent was their biggest cause of concern

The rising cost of maintenance is the biggest concern for homeowners and renters when it comes to their home, new research has found.

Almost a third of respondents cited the worry, followed by the incidence of flooding and extreme weather events, the rise in burglary rates and an unexpected large damage bill, all of which were cited by 15%.

Despite the rising cost of paying rent and a mortgage as interest rates rise, just 11% of people said meeting repayments was their biggest cause of concern when it came to their home.

The increase in violent crimes was referenced by 7%, with 8% stating they are not concerned about anything in relation to their dwelling.

The survey, conducted by iReach for Peopl Insurance, was carried out among 1,000 people nationwide.

"Irish homeowners and renters have been battling with rising living costs for almost two years, with the latest official figures showing that consumers have endured their 23rd straight month of annual inflation being over 5%," said Paul Walsh, Chief Executive of Peopl Insurance.

"Inflation in home maintenance costs is even higher, with a 9% annual increase recorded in the cost of services for the maintenance and repair of homes."

He added that this consistent high inflation has put huge pressure on people in Ireland.

A recent report by the ESRI found a significant rise in the number of people who can't afford two out of a list of ten essential items, such as a warm winter coat or a weekly roast dinner.

Inflation is currently running at 5% according to the latest flash estimate from the Central Statistics Office.