Cost of running your home to go up by £484 |
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Published
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Thu, 10 Mar 2005 01:00
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From next year onwards, Britons will have to shell out an extra £484 to the cost of running a home as increase in energy bills and mortgage payments is likely, a new report said.
uSwitch.com in its latest study found out that higher interest rates on mortgage payments in 2004, and also rise in money spent on home essentials like electricity bills and gas, will again rise in 2005.
| Last year, uSwitch.com said, there was a 32.2 per cent rise in mortgage interest payments, while gas increased by 11 per cent, and electricity was up by 8.8 per cent against the previous year. In addition, there was a 9.8 per cent increase in diesel and motor fuels over the previous year.
uSwitch.com said the trend is likely to continue and that gas prices will rise by 12 per cent and electricity prices by 7 per cent in the current year.
So also, financial experts are of the view that the Bank of England will increase the cost of borrowing in the coming months which will add up to mortgage and loan costs.
Taking all these factors into consideration, uSwitch.com said, each family will have to spend at least £484 more this year on running home than they spend in 2004.
uSwitch.com said energy prices will rule in 2005 and people are already feeling the heat from last year's interest rate rises on mortgage payments.
uSwitch.com also predicts that direct taxes will rise 10.8 per cent, while gross income will grow just 4.1 per cent, after the upcoming general election.
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