Scotland sees cost of home ownership fall by 4%

| June 29, 2010 | 0 Comments

The cost of owning and running a home in Scotland has declined by 4% over the past two years, according to research by Bank of Scotland.

Between April 2008 and April 2010, average yearly expenses fell by £388, from £8,949 to £8,562.

In real terms (after allowing for retail price inflation), the figure is down by 8% but still manages to absorb 28% of a typical Scottish homeowner’s gross full-time earnings.

The decline has been driven by a 19% (£735) fall in annual mortgage payments with the average rate paid by existing mortgage borrowers in the region down by 2.13% to 3.67%.

Scotland’s homeowners are also paying 5%, or £458, less than the UK average of £9,020, which takes into account a London figure of £11,762 and annual costs of £10,457 in the South East generally.

Finally, the researched revealed that mortgage payments account for the largest proportion of total homeowner expenses across the UK, at 36%.

Electricity and gas charges and council tax / domestic rates charges account for the next highest shares, both at 17%.

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