Household bills on the rise says report

15th August, 2005

The cost of maintaining a home is rising at a rate faster than inflation says a new report by Halifax.

Inflation rose by 1.1 per cent in the year to March 2004, compared to the cost of running a home, which rose by five per cent, nearly five times as much for the same period.

Council tax was the most expensive part of the upkeep costs, with the average bill reaching £921 per year.

Making up a smaller part of the bill, but probably one of the most important expenditures, is home insurance. Cover for the home gives people protection against accidents to their buildings or contents and will also cover homeowners in instances of burglary.

The average home maintenance bill this year was £5,948, and if Brits are regularly spending this much on their homes, it is worthwhile to take out a home insurance policy to protect it.

For Londoners, the figure is even higher £7,691 per annum, which represents more than a third more of what is spent on food, drink, clothing education and healthcare.

 

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