Rising utility bills account for large increase in the cost of running a home

According to the Halifax the average cost of running a home has risen by £179 and is now at over £9,500 a year. The Halifax also reports that overall the cost is 2% higher than in 2008. Water bills are blamed as the highest riser, at 5.6% more followed by electricity and gas and then telephones. In addition it is reported that Northern Ireland and Wales saw the rise in the cost of running a house increase more than the cost of inflation, which is currently at 3.3%. And while London is the most expensive place to run a home, it overall has seen the smallest rise at just 2% and is on average £12,094. Martin Ellis, housing economist at Halifax, comments: “Overall, the cost of owning a home has increased by 2% over the past five years, representing a significant decline in real terms. Lower mortgage payments have largely offset increases in other items of housing-related expenditure, such as the substantial rises in the electricity and gas bills.” The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.  Setfords Solicitors are a national full service law firm, with residential property solicitors in London and across the country.