The financial analysis by RIFT highlights the ongoing financial strain on UK households due to rising home running costs, which have increased by nearly £700 annually. With average housing purchase costs up by 8.8% over the past year, potential homeowners face an average requisite budget of £46,898. The monthly household outgoings now average £1,989, with mortgage payments representing 65% of this expenditure. Even though inflation has reduced, the costs of essential utilities and home maintenance continue to rise, further straining household finances.
The aspiration of homeownership remains an expensive one and one that is only getting more expensive.
Average monthly household outgoings now £1,989, with monthly mortgage payments accounting for a huge 65% of this.
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