Cost of running home 'falls by 17%'
Published ¤ 29/06/2009
The cost of owning and running a home has fallen by nearly a fifth during the past year to its lowest level since 2006, research has suggested.
The average property cost £7,298 a year to run in the 12 months to April, 17% less than during the previous year, according to high street bank Halifax.
The steep drop in running costs was driven by a 47% fall in mortgage interest payments after the Bank of England base rate was slashed to a record low of 0.5%.
As a result of the decline, the average mortgage rate dropped to 3.62%, down from 5.8% in April 2008, and interest payments fell to an average of �1,990 a year.
But mortgage payments were the only area of household running costs that fell during the 12 months, with gas and electricity charges rising by 13% to average �1,409 a year.
Routine maintenance costs also increased, rising by 7% to �350 a year, while both water bills and the cost of repairing properties were 5% higher in April than a year earlier.
Despite their fall, mortgage interest payments are still the single biggest cost of owning a home, accounting for 27% of the total, although this is down from 43% in April 2008.
Electricity and gas bills are the second biggest cost at 19%, up from 14%, followed by council tax and domestic rates at 17%.
Read the full article at Yahoo! News. Click on the image below.
If you are concerned about your mortgage, or the cost of your utilities, call us on the number above for a chat, and discuss your options.
¤ 22/11/2017 10:59:05
¤ 13/10/2017 09:07:18
¤ 12/07/2017 13:04:59
¤ 17/05/2017 14:12:43
¤ 15/05/2017 16:38:38
¤ 24/11/2016 10:01:42
¤ 07/11/2016 13:37:51
¤ 12/04/2016 15:03:26