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Residential property costs 'fall'
29/06/2009
New research has revealed that the cost of both running and owning a residential property in the UK and Northern Ireland has dropped in the past 12 months.
According to the figures from Halifax, the average annual cost of housing dropped by almost a fifth in the year to April 2009 to £7,298.
The expense of running a home also now accounts for 23 per cent of average UK full-time earnings, which is five per cent lower than in 2008.
Suren Thiru, economist at Halifax, said: "With mortgage interest payments declining by almost half over the past year, the annual cost associated with owning and running a home in the UK has fallen significantly.
"Such a sizeable drop in the costs of running a home will help to ease the pressure on household disposable income, providing some welcome relief to homeowners."
The release of the study has come after charity Shelter warned the government and lenders to prepare for a new wave of repossessions and arrears in the UK.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt, commented that "reduced interest rates have certainly contributed to lower housing costs for a lot of people in Northern Ireland. While for some this saving has been offset against changes to salaries as a result of a change in employment or amended work hours etc, for others it is viewed as an opportunity to increase the equity in their property by paying off more than the mortgage amount each month so as to be in a stronger position to refinance when the interest rates begin to increase again."
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According to the figures from Halifax, the average annual cost of housing dropped by almost a fifth in the year to April 2009 to £7,298.
The expense of running a home also now accounts for 23 per cent of average UK full-time earnings, which is five per cent lower than in 2008.
Suren Thiru, economist at Halifax, said: "With mortgage interest payments declining by almost half over the past year, the annual cost associated with owning and running a home in the UK has fallen significantly.
"Such a sizeable drop in the costs of running a home will help to ease the pressure on household disposable income, providing some welcome relief to homeowners."
The release of the study has come after charity Shelter warned the government and lenders to prepare for a new wave of repossessions and arrears in the UK.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt, commented that "reduced interest rates have certainly contributed to lower housing costs for a lot of people in Northern Ireland. While for some this saving has been offset against changes to salaries as a result of a change in employment or amended work hours etc, for others it is viewed as an opportunity to increase the equity in their property by paying off more than the mortgage amount each month so as to be in a stronger position to refinance when the interest rates begin to increase again."
Visit our residential property services page
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