Mortgage and homes news
Annual running costs soar for homeowners
24 April, 2007
The average cost of running a home is increasing by 12 per cent each year according to Sainsbury’s Bank, cutting a huge chunk out of monthly finances
This means that the annual cost is now an eye-wateringly high £11,035. Shopping around for the most competitive rates on their home insurance, mortgage, broadband and energy suppliers can all help to dramatically reduce this cost though.
Mortgage repayments now account for around 60 per cent of this total running cost, followed by the money spent on alterations and improvements which accounts for over 12 per cent. These may be the two biggest expenses, but gas and electricity bills are the ones that have seen the biggest percentage increase since 2004/05 – almost 27 per cent and 19 per cent respectively.
Switch your gas and electricity and start saving money
Mortgages are estimated to cost £6,620 over the course of 2007, with alterations coming in at £1,358 and Council Tax at £1,101. Gas and electricity combined are estimated to set homeowners back £978.
Sainsbury’s is currently offering a free guide to homeowners keen to find ways to reduce the annual cost of running their home.
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