Fuel bills drive up home costs

Sam Jackson

May 18, 2011

November 13, 2018

Fuel bills drive up home costs

Soaring gas and electric bills have driven the cost of running a house up to its highest level for three years, figures suggest.

Halifax said its research indicated that the cost of running a home now stands at £9,083 - up £127 or 1.4%.

People have seen an increase in the majority of costs related to running a home, but the largest increase has been in gas and electricity bills.

Utility bills have jumped by 20%, or £237, since 2008, the largest rise for any of the expenditure categories, followed by a 17% or £99 hike in the cost of maintaining and repairing a home.

But record low interest rates have helped the cost of mortgage repayments fall by 21%, or an average of £956 a year, since 2008.

Mortgage repayments are the only category of housing expenses that has dropped during the past three years, while they declined by 2% during the past year.

The fall reduced the proportion of total expenditure that goes on mortgage payments from 48% in March 2008 to just 39% now.

Sam Jackson

Money Dashboard

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