3 Jul

Halifax reveals UK housing costs

Halifax reveals UK housing costs

Halifax has released new statistics detailing the actual cost of owning and running a home in the UK.

The figures reveal that as a result of a 47 per cent decline in mortgage interest payments, housing expenses have fallen.

This means that the costs of owning and running a property in London – the most expensive area in the UK – fell by 21 per cent. This was the highest decline noted in the country.

In addition, the south-east recorded the second biggest drop, with a fall of 19 per cent.

Wales and Northern Ireland experienced the smallest declines with both seeing a 13 per cent drop.

Suren Thiru, an economist at Halifax, said: "Such a sizeable drop in the costs of running a home will help to ease the pressure on household disposable income, providing some welcome relief to homeowners."

Meanwhile, Ducalian has encouraged anyone thinking of getting their foot on to the property ladder to do their homework and research prices in the area they are considering.

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