Cost of ownership drops six per cent
The cost of owning and running a home in the UK has declined by six per cent over the past two years, according to new research by Halifax. Between April 2008 and April 2010, the average annual cost associated with owning and running a home fell by £544 from £9,564 to £9,020.
In real terms (after allowing for retail price inflation), the cost of housing has fallen by nine per cent.
Housing costs in the UK are now equivalent to 27 per cent of gross average full-time earnings, down from 30 per cent in 2008.