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The annual cost of home ownership to reach £15,300

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Fri 16 Oct 2015

The annual cost of home ownership to reach £15,300

 

The average annual cost of being a homeowner is set to reach £15,300 this year, Legal & General’s Home Truths research predicts.

Between now and 2030 that figure is projected to reach £23,120 - with mortgage payments rising from £8,000 in 2015 to £13,000 in 2030.

Meanwhile the cost of renting is expected to climb from £7,500 in 2015 to around £12,000 in 2030.

Jeremy Duncombe, director, Legal & General Mortgage Club, said: "Streamlined stamp duty, low inflation and rock bottom interest rates have produced an exceedingly favourable market for homeowners; however, our research suggests that this trend is unlikely to last.

"The cost of homeownership is set to climb in the coming years in response to imminent interest rate rises, and a projected increase in repair and maintenance costs.

 

"This increased expenditure is likely to have an effect on household budgets, and it is therefore important that people factor this into their finances so that they are able to cope when costs increase."