Household costs dip by six per cent
Homeowners may find they have extra cash to invest into a bespoke lean-to conservatory or other improvement after new figures showed a fall in the cost of running a property.
According to the Halifax statistics, the average cost of owning a home has fallen by six per cent in the past two years.
The lender took into consideration a wide range of factors, including mortgages, council tax, maintenance, water supply, electricity, fossil fuels, appliances, tools, telephone accounts, toiletries and insurance.
It found that the cost of running an average UK home in April 2010 was £9,020 - £544 cheaper than it was in April 2008.
"Over the last two years, the cost associated with owning and running a home in the UK has fallen, entirely as a consequence of reduced mortgage payments," explained Halifax housing economist Suren Thiru.
The expert explained that there is now less pressure on homeowners' finances, giving them some extra cash that has helped during the economic downturn.
Meanwhile, Bank of Scotland figures show that the average price of running a home in Scotland fell by four per cent to £8,562 per year.
Posted by Ashley Ault
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