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The cost of running a home plummets

The average cost of running a home has declined by 17 per cent over the past year, according to new research.

New research by mortgage lender Halifax shows that the annual cost of housing fell from ?8,766 to ?7,298 ? a reduction of almost a fifth.

The cost of housing amounts to almost a quarter of UK full-time earnings ? but is down from 28 per cent in 2008.

According to Halifax, the main driving force behind the fall in housing is declining mortgage repayments.

The bank claims that over the past year the average mortgage rate fell from 5.80 per cent last year to just 3.62 per cent in April 2009 ? a decline of 47 per cent.

Suren Thiru, economist at Halifax, said: “With mortgage interest payments declining by almost half over the past year, the annual cost associated with owning and running a home in the UK has fallen significantly.”

Meanwhile, Halifax figures show that average property values climbed by 2.6 per cent in May.

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