Running a home gets more expensive

The cost of running a home has risen to its highest level since 2008 on the back of soaring utility bills.

The annual costs associated with owning and running a property have jumped by an average of £127 or 1.4 per cent during the past year to stand at £9,083, according to Halifax.

Homeowners have seen increases in nine out of the 11 expenditure categories that the group measures, but the biggest rise has been in gas and electricity bills, with hikes to these accounting for £68 of the total increase.

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Utility bills have jumped by 20 per cent or £237 since 2008, the largest rise for any of the expenditure categories, followed by a 17 per cent 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 21 per cent or an average of £956 a year since 2008.

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