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Energy bills soar since 2008, catching up fast with mortgage payments

Average home costs close to £10,000 a year to run

April 5, 2013

Soaring energy bills mean the average household bill is now £1,727 making up 18% of the costs of running a home according to a survey my the Halifax. The total figure includes mortgage costs which have fallen by 21% since 2008 and now account for just £3,571 for a capital repayment mortgage thanks to the rock bottom Bank of England base rate. It is astounding that energy bills are now costing approximately half of what it costs finance a mortgage!

Martin Ellis, housing economist at Halifax, said: ‘The typical costs of owning and running a home have again increased slightly over the past year, although this rise was below the general increase in the cost of living.

‘Overall, the cost of owning a home has increased by two per cent 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 electricity and gas bills.’

If you want to find out how to cut your gas bills check out our free guide and find out how the Governement’s Green Deal scheme can help you. If you want to find out whatwe are doing to save you money sign up to our monthly newsletter