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Cost of running a home 'is increasing'

The cost of running a home has risen by 12 per cent in the past year, according to new research.

Figures from Sainsbury's Bank showed that the annual cost of running a home has now gone up to about £11,035, an increase of £1,199 since a year earlier.

This works out to an increase of approximately £3.28 per day.

In response to the figures, Sainsbury's Bank has urged homeowners to try and make savings where possible and shop around for the most competitive rates on general expenses.

For example, the firm stated that people could save money by getting better deals on their home insurance, mortgage and energy supplies.

Robert O’May, home insurance manager at Sainsbury’s Bank, commented: "It's becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available."

Recent research by Unbiased.co.uk found that many people are already financially stretched as they are spending money frivolously and not thinking about whether they can afford it.

The site said that three million consumers base their purchases on desirability and not affordability, leading many to spend beyond their means.

Click here to see how much you could borrow with a Lombard Direct personal loan.

24/04/2007 15:52:46

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