Monday 13th March 2006
The cost of running a home has risen by seven per cent in the last year, with mortgages retaining their place as the biggest single expense, new figures have shown.
Insurance and mortgage lender Halifax released statistics showing that mortgage prices have increased by 20 per cent since 2003/4.
But it is the rising costs of utility bills and council tax which have caused the greatest concern, growing by three times the rate of inflation for the second year running.
"Further above inflation rises in fuel and council tax bills are expected to drive up further the costs of owning and running a home this year," explained Halifax chief economist Martin Ellis.
"Council tax and utility bills will overtake mortgage payments as the largest cost for homeowners this year."
The total average cost of running a home has now reached £6,366, up £418 from last year.
Although homeowners have not been able to exercise any control over soaring global energy prices or the governments decision to raise council tax, they can still look to reduce their overall household costs by shopping around for cheaper mortgage and home insurance deals. 
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