3 Apr

Cost of owning a home rises year-on-year

Cost of owning a home rises year-on-year

The cost of owning a house in the UK for the average Brit has risen in the last year according to the latest figures, although the annual rise has been offset by a fall in real terms in the last few years.

Halifax reports show that the average level of money needed to run a home in the UK has gone up by £179 over the last 12 months, with gas, electricity and water being the largest contributors to this.

However, at the same time, the cost of mortgage repayments has fallen overall by a quarter since 2008.

The bank said that the cost of living is now two per cent higher than it was five years ago, a level that shows it is falling in real terms, with wages rising faster than this.

Martin Ellis, housing economist at Halifax, said: "Lower mortgage payments have largely offset increases in other items of housing-related expenditure, such as the substantial rises in electricity and gas bills."ADNFCR-1222-ID-801565846-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.