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Housing costs in the UK 'fall 6%'
The cost of owning and looking after a home in the UK has fallen by six per cent in the past two years, new research has revealed.
According to figures from Halifax, the average annual cost of owning and running a property, including mortgage payments, council tax, maintenance and bills, fell by £544 from £9,564 in 2008 to £9,020.
The study suggested that the decline was driven by the 19 per cent drop in mortgage payments, with the average rate paid by existing borrowers falling from 5.80 per cent to 3.67 per cent.
Suren Thiru, housing economist at Halifax, said the fall in housing costs was "entirely as a consequence" of mortgages.
He added: "The drop in housing costs has helped to ease the strain on household's finances, providing some relief to homeowners during the economic downturn."
Recent figures from the Council of Mortgage Lenders revealed that total mortgage lending in the UK rose by seven per cent in May.