According to research from Sainsbury's Bank, increases in house prices, energy costs and council taxes has pushed the annual bill for maintaining a home in the UK past the GBP10,000 mark for the first time in history.
Based on an analysis of industry data, Sainsbury’s home insurance division estimates that the annual cost of running a home is now around GBP10,048. This is as much as GBP1,389 or 16% higher than the equivalent cost just two years ago.
Mortgage repayments account for around 59% of the total annual costs of running a home, followed by the money spent on alterations and improvements, which accounts for nearly 13% of the cost.
Council tax, which has increased by GBP148 in two years, is the third largest expense. Additionally, by the end of this year, the average annual gas and electricity bill could have increased by GBP275 when compared to January 2004, Sainsbury contests.
The supermarket-owned bank has revealed the new figures to publicize the launched of its new home insurance product, which it says has a range of new benefits and can save customers up to GBP155 on their existing premiums.