THE spiralling price of fuel, gas, oil and electric is front and centre of most people's conversations at present. It’s a worry for all of us. Most likely you’ll be wondering when will these prices ever stop increasing or even reduce, and what effect do they have on your monthly budget?
The answer to ‘when’ right now, sadly, seems to be that nobody knows. And we certainly don’t know how much they will come down by, if at all.
I think we’ll look back at this time and realise what a scandal it’s truly been, particularly for families, the elderly and the most vulnerable people in our communities who are having to choose between eating and turning the heating on.
The local and global media have been extremely loud about this issue, especially with key figures such as money expert Martin Lewis labelling the energy price crisis a potential “financial catastrophe” in the near future, unless something is done about it.
While he and others appear to be doing their best to use their influence to help the situation, we need to help each other through this.
There are a few energy saving tips we can take the opportunity to remind ourselves of, and our family and friends. From turning the thermostat down just a few degrees to making the most of energy efficient appliances, there are lots of small measures that really do add up.
It might be nice to have your outdoor lights on in the evening or keep the hallway lit all the time, but remember that each and every unit of energy you use all makes a difference to your bill.
There will also be huge upcoming decisions for landlords too. With inflation rising, interest rates and landlords’ costs increasing - such as maintenance fees – I believe that we’re likely to see rents go up.
Don’t forget, the everyday typical landlord is not the stereotypical. They have mortgages to pay, their properties to maintain, their own families to look after and like their tenants, their energy costs are soaring too. If rents do not rise, then the landlord might ultimately have to sell.
If landlords leave the market in their droves, this will reduce the already stretched supply and we will have situations where there are literally hundreds of applicants for one house. This all adds up to increased rent prices.
We all have a tough road ahead it seems, and we all need to make decisions that protect us and our families from financial burden - but there is no doubt whatsoever that something needs to be done about this and fast.
:: Eimear Gourley is founder and managing director of Keego Investments (www.keegoinvestments.co.uk) and can also be followed @ni_propertygirl on Instagram
