Latest Debt News
Climbing costs of running a home
09/03/2006 17:52:00
Britons could be sliding further into debt as a result of the spiralling costs of running a home, according to new figures.
Owning and running a home costs an average of £6,366 a year, which is seven per cent higher than last year, claims Halifax.
This would make the cost of running a household rising three times faster than the rate of inflation.
Martin Ellis, chief economist at Halifax, said: "Council tax and utility bills will overtake mortgage payments as the largest cost for homeowners this year."
Furthermore, this is the second year running that home costs have risen faster than inflation – and the bank claims that this will not stop anytime soon.
© Adfero Ltd