Homeowners Witness 6% Property Cost Drops
Running a property has been discovered to cost 6% less than it did two years ago according to a study carried out by leading mortgage lender Halifax.
Judging these property costs based on a property owners mortgage payments, maintenance and repairs, power supplies, home insurance, toiletries and annual council tax, Halifax found that since 2008, running costs have dropped considerably falling by as little as £544 to as much as £9,020 a year – only 27% of a property owners gross full-time earnings.
Yet surprisingly, London has witnessed the most significant reductions…
With the average London property investment costing £11,762 a year to maintain, these running costs are still only 24% of a property owners gross earnings – 6% less than 2 years ago!
Analysing these property costs, Halifax strongly feel that reduced mortgage payments are the main reason behind these drops. Even with studies reporting that property owners are now spending more doing up their homes than they did a year ago, generally maintaining your property is much more affordable.
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