Rising Home Costs - 23.08.05

UK Mortgage News

The rising cost of running a home.

The average annual cost of running a home has risen by five per cent in the year to March 2004 according to the Office of National Statistics. The annual cost for an average homeowner including mortgage repayments and household insurances reached almost £6,000 in 2004. The biggest factor to push up the bill is council tax. The average tax bill soared by 11% to £921, this amount accounts for roughly 16% of property related outgoings. The cost of owning and running a home has increased at a faster rate than inflation.

The costs do range from region to region with Londoners paying the highest bulls at around £7,700 a year, with homeowners in the south east paying around £6,750, owners in the East Midlands paying £5,500 and the North Easterners paying out the least at £4,350. It is estimated that the cost will further increase nationaly by another 2% by the end of 2005.

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