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Debt problems helped by reduced running costs for homes?

Debt problems helped by reduced running costs for homes?

- Tuesday, 29 June 2010


The cost of running and owning a house has fallen by six per cent in the last two years, which could help consumers living with debt problems stretch their finances further.

According to Halifax, the cost of running a household has fallen by £554 since April 2008. It now costs £9,020 a year to run and own a property.

The bank believes this decline has occurred as housing prices have fallen by nine per cent and interest rates on repayments have been low.

Suren Thiru, housing economist at Halifax, said: "The drop in housing costs has helped to ease the strain on household's finances, providing some relief to homeowners during the economic downturn."

The reduced costs may help those with debt problems as their money can now go further.

Consumers in London and the south east have the highest running costs at £11,762 and £10,457 respectively.

However, as a percentage of gross annual full-time income, the capital has the lowest running costs - 24 per cent.

uSwitch.com recently revealed that it believed consumers would soon be reaping the benefits of lower energy bills as providers enjoyed an increase in profits.ADNFCR-2300-ID-19862961-ADNFCR
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