HOME ADVICE UP, UP AND AWAY

It’s a far from happy start to the year for home owners as household bills soar way beyond most people’s wage packet growth. Whether renting or buying a property, you can expect to pay more for your home this coming year. And that’s on top of big increases last year. Already stretched households across the UK paid 13 per cent more last year than in 2016 for must-haves – in addition to rising prices for food and other necessary items.

The typical energy bill rose 17 per cent £1,625 last year, according to comparison site Compare The Market as gas and electricity costs shot up despite promises to help moderate costs. These bills have increased unevenly with consumers in Wales the hardest hit – their energy typically cost £458 more last year.

A substantial part of car insurance is postcode related so motor cover is another household bill. Last year, the typical bill rose £43 – not as bad as the £100 increase in 2016 – but there are no signs of rates falling.

The increase from 9.5 to 12 per cent in insurance premium tax is one reason but insurers also blame higher repair costs on more complicated cars and bigger injury bills.

If you travel by train, you will have seen fares rise this month by an average 3.4 per cent, typically adding up to an increase of nearly a third since 2010, although some journey prices have increased more. Meanwhile parking fees at stations – unregulated – have jumped by up to nine per cent.

The first interest rate rise in 10 years, last November, has already impacted home buyers on variable rate loans. And, as fixed rate deals expire, borrowers can expect new mortgages to be more expensive. Some landlords will use these increases as a reason to charge tenants more. Many economists forecast interest rates will rise again this coming year.

There are some brighter spots though. Insuring your buildings and contents stayed almost unchanged over the year while home phone and broadband costs actually fell for some households.