Interest rates reflect home costs
The base rate of interest could be having a knock-on effect on the cost of running a home, it has been suggested.
Recent figures from Halifax show that the cost of owning a property has fallen by more than £500 per year over the past 24 months.
Yourmortgage.co.uk editor Paula John explained that the trend could be reversed if the base rate of interest starts to creep up.
She noted that this would likely push up mortgage rates, leading to homeowners feeling the pinch once again.
"There will be some people whose budgets have been severely tightened and stretched, particularly anyone who has been made redundant," Ms John said.
These people could really struggle if their mortgage repayments begin to rise again, the expert added.
However, with the Halifax figures showing that the average cost of running a home has dropped by £544 over the past two years, some Brits could be tempted to reinvest any savings made into building a bespoke conservatory or other improvement.
Posted by David Waxman
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...
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