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Cost of running home increases

April 24, 2007 by admin  
Filed under News, News-Mortgages

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The average UK homeowner has to fork out around £11,035 each year just to maintain their property.

According to Sainsbury’s Bank Home Insurance, that is how much it costs to run a home in 2006.

It signals a big increase in costs when compared to the same figure for 2004/2005 which was £1,199 less – that is 12 per cent lower than today.

The biggest financial increases have been seen in utilities, with gas having risen in cost by 27 per cent, electricity by 19 per cent and water and sewage by 14 per cent.

Council tax is also on the rise, with the average homeowner in 2006 paying 14 per cent more than they were in 2004/2005, while mortgage costs have also increased by an average of 12 per cent.

“It’s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available,” commented Robert O’May, manager at Sainsbury’s Bank.

“This is not only for their mortgages and utility supplies but also their home insurance.”

In response to the figures, Sainsbury’s Bank has produced a free guide for homeowners which aims to help them reduce their costs.

Tags: Business Finance, running home, mortgage costs, tax, Council, Nectar loyalty card, home insurance, guide

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