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Interest rates drive down cost of running a home

Jonathan Winston Jonathan Winston
1 min read

New research has shown that the cost of running a home has dropped by 6% over the last two years with record low interest rates largely responsible.

The research, from high street bank Halifax, saw the cost of owning and running a property fall by £544 to just over £9,000 in the two years between April 2008 and April 2010. In that time there has been a 19% reduction in average mortgage payments although other associated costs, such as energy bills, the price of household appliances and the cost of maintaining and repairing a property have all risen by about 10%. The research also shows that housing costs now take up 27% of average full-time earnings before tax, a figure down from 30% in 2008.

The cost of owning and running a home is greatest in London and the South East and is at its lowest in Northern Ireland.

Suren Thiru, housing economist at Halifax said: “Over the last two years, the cost associated with owning and running a home in the UK has fallen, entirely as a consequence of reduced mortgage payments. The drop in housing costs has helped to ease the strain on households’ finances, providing some relief to homeowners during the economic downturn.”

Client feedback

We recently used Winston Solicitors for conveyancing on both the sale of our previous home and the purchase of our new one. Michelle Ayres was exceptional throughout. She was accessible, proactive, and it genuinely felt like she was on our side and working in our best interests.There were a few challenges in the chain, but Michelle was always willing to take the time to explain the situation, outline our options, and keep everything moving. As our process stretched over 6 months, there were times when Michelle was out of the office, but Olivia Cooke and Samantha Robertson-Strong seamlessly picked things up and ensured nothing ever slipped.It was an outstanding experience that made a difficult and often stressful process far more manageable. We would highly recommend Winston Solicitors and especially Michelle to anyone, and we will certainly look to use their services again in future (although we plan to enjoy our new home and give ourselves a well earned break for now!).
Glenn
The service I recieved regarding wills and powers of attourney, were handled in a very professional and sympathetic manner. Thanks must go to Monika for leading me through the" legal minefield" involved. My late wife and I originally used Winstons years ago for all our legal dealings at the time and we could honestly say we could not have chosen better.
David
Amr and Joe are responsive and helpful, very professional.
Tracy M, West Yorkshire
Samantha was excellent at helping us secure our house. She was extremely responsive, organised and thorough in her work.I would recommend her and Winston solicitors to anyone.
Mr Peterson a
Sidraa and Tom were incredibly thorough and kept me up to date in a timely manner. Would recommend!
Alexandra
Amr and Joe recently acted for me on the sale and purchase of properties. They were both very professional, responsive and promptly dealt with any enquiries. My experience with Winstons was really positive having used other firms for previous transactions. I would definitely recommend to family and friends!
Ruth
I purchased my first house through Winston Solicitors. The experience I had from start to finish was amazing. I will definitely recommend Winston Solicitors to my family and friends and will be using them again in the future.
Aruna
Samantha Robertson-Strong has dealt with the conveyancing for the sale of my property and purchase of a new home. Throughout the process of selling Samantha dealt with queries from the buyers promptly and professionally. This included one particular hiccup, that threatened to delay and complicate matters, by simply advising on a point of law that the buyer’s solicitor was seemingly not aware of.The purchase of our new home was dealt with in a similar manner, no stone left unturned, fast paced and with regular up dates on which stage we had reached. We felt well informed and in good hands throughout the process.Fast to respond, no flannel and an in-depth knowledge of property law Samantha is exceptional and I would recommend her services to anyone about to buy or sell a property.
Elizabeth
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