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Cost of running a home rises to three-year high
The overall cost of owning and running a home has increased to its highest level in three years, according to the Bank of Scotland.
Its research shows that costs have increased 1.4 per cent over the past 12 months to £8,641.
However, this is lower than the cost seen in March 2008, which was as much as £8,800 a year.
Much of this is down to the rising cost of electricity and gas, as well as higher maintenance costs.
Indeed, utility bills have risen by 19 per cent, or £259 since 2008, while maintenance costs increased 17 per cent.
Mortgage payments have fallen, however, by 21 per cent on average, or £796 a year, which has helped households keep some control on the rise of other expenses.
"Household finances remain under pressure with the significant drop in mortgage payments since 2008 mostly offset by increases in other household bills," explained Suren Thiru, housing economist at Bank of Scotland.
"The current strain on household finances is particularly concerning at a time when earnings growth remains weak."
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Its research shows that costs have increased 1.4 per cent over the past 12 months to £8,641.
However, this is lower than the cost seen in March 2008, which was as much as £8,800 a year.
Much of this is down to the rising cost of electricity and gas, as well as higher maintenance costs.
Indeed, utility bills have risen by 19 per cent, or £259 since 2008, while maintenance costs increased 17 per cent.
Mortgage payments have fallen, however, by 21 per cent on average, or £796 a year, which has helped households keep some control on the rise of other expenses.
"Household finances remain under pressure with the significant drop in mortgage payments since 2008 mostly offset by increases in other household bills," explained Suren Thiru, housing economist at Bank of Scotland.
"The current strain on household finances is particularly concerning at a time when earnings growth remains weak."
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Published: 17/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.