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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.”

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I am very pleased with the service I received from Winstons, this is the second time I have dealt with them for conveyancing services and on both occasions Leasa was incredibly thorough and reassured me every step of the way. When other parties failed to deliver, Leasa ensured things were chased up and delivered/received with accuracy. I would highly recommend and will be sure to use Winston's again for any future property purchases
Charis
Would highly recommend Winston's.Both Leasa and Julie were extremely professional and we recieved regular email and direct call updates.In the middle of an extremely challenging chain, they went above and beyond and became intermediary's liasing with everyone else in order to get the conveyancing completed on time.Thanks again for a great service.Regards
Richard
My conveyancer Samantha and her associate Michelle kept me informed of the progress of my sale throughout the transaction. It was of benefit to me that the Winston office was local with plenty of parking. I would recommend them for any conveyancing
Ms H
Winston’s acted for us with our house sale and onward purchase. They have been excellent from start to finish. Leasa is extremely quick to respond to emails and more than happy to answer any questions. The online system is very efficient and helps keep you up to date with progress of the sale/purchase. Leasa and her team made the whole process so much less stressful than it could’ve been and we can’t thank them enough. We wouldn’t hesitate to recommend them.
Lucy
Teresa and Judith assisted with my recent divorce and i cannot rate them highly enough, i was talked through every aspect and everything was explained in full and i was kept fully updated and imformed of everything that i needed to do and when it was required for. Their patience when i was working away and understanding was especially appreciated.Once that was all complete Amanda and Samantha and the convayensing team sorted the transfer of the house and the paperwork associated with that.I would highly recommend them and thier company for any legal issues you have and would use thier services again without hesitation.
Richard J
Special praise for Emily Spencer ,who is more than efficient , very thorough in her work and I am sure , a very good member of the Winstons team ! Well done her ( plus Jeremy re our registration with the Land Registry .!)
Stuart
A helpful and thorough service that meant I felt confident that the house sale would be handled well.
Helen
Amazing service!
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