Research by Sainsburys bank shows that mortgage repayments account for around 59 per cent of the total annual costs of running a home averaging £5,054 a year, followed by the money spent on alternations and improvements, which accounts for nearly 13 per cent of the cost at £1,185 a year.
And Sainsburys estimates that by the end of this year, the average annual gas and electricity could have increased by £275 when compared to January 2004, helping to bring the annual total of running a home to £10,048 a year.
Karen Preston, home insurance manager at Sainsburys Bank said: The costs involved in running a home are rising. This makes it all the more important for homeowners to shop around in order to make sure they are getting the very best deals available, not just on home insurance, but the collective costs, everything from your mortgage to your gas supply.
Sainsburys have produced a free guide available on its website, which looks at how homeowners may be able to reduce the cost of running their home.
