Derry is the second cheapest place in the UK to own and run a three bedroom home, new figures have revealed.A three bed in Derry will set you back £1,081.65 per month, according to the survey by MORE TH>N insurance. This is £700 cheaper than the UK average. Derry is just behind the cheapest in the UK, which is Antrim at £1,066 per month.
The report, which takes into account everything from mortgage or rental costs right down to the price of garden maintenance, reveals that nearly half of all household income is spent running the home, and owning a three-bedroom home in the UK now has the annual running cost of £21,402.95, that’s £1,783.57 per month.
For renters, residing in the average home comes in just £1,060.40 cheaper at £20,342.55 per year, or £1,695.20 per month.
Compared to 2017, this is a £3,206 increase in running costs for homeowners, which equates to an extra £267 per month. For renters this is a £2,685 increase since 2017 and sees them paying out an extra £224 per month on running a rented home.
For a household where two adults earn the UK national average this means a total of 45% of their joint salary is spent on household bills and a mortgage, or 43% of salaries for those choosing to rent and pay bills.
For the third year running, London’s Westminster remains the most expensive place to rent the average home (£7,044.10 per month) and to own (£12,578.53 per month).
Renters living in one bedroom flats across the UK paid more for their accommodation and household bills compared to those who had a mortgage – with just a handful of exceptions from the 720 properties analysed (Cromer, Norwich, Redbridge, Richmond, Westminster and Oxford).
Robert Fairs, head of home insurance, MORE TH>N comments; “The report looks at the UK’s average homes and the associated costs, and it’s evident that the picture has hardly changed over the last three years, with families remaining under pressure with rising costs, resulting in them still spending almost half of their income before paying for other regular necessities such as food, commuting, petrol or insurance.
“This means there is little room in the budget for unexpected costs - if something goes wrong within the house, residents have very little money to be able to cover these costs. This highlights the importance of not only having insurance to protect against unexpected losses, but also how staying on top of upkeep in the home is essential to prevent wear and tear and the costs associated with this further down the line.”
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