Landlords pay less on house costs

by Morag Lyall

The cost of running a house is cheaper today for landlords than it was in 2008, according to the latest figures from Halifax.

It states that it costs £9,020 a year to maintain a home, six per cent or £544 lower than in 2008.

This could come as welcome news to property investors who constantly have to fork out for maintenance repairs for their tenants.

House costs are considered to be mortgage payments as well as general maintenance tools and services.

However, tenants with rent books will also pay for many of the other household costs, such as gas and electricity bills and council tax.

Suren Thiru, housing economist at Halifax, commented: "Over the last two years, the cost associated with owning and running a home in the UK has fallen, entirely as a consequence of reduced mortgage payments."

The drop in housing costs could help to ease the strain on landlords who want to expand their property portfolio.

Although, they should be warned that perhaps not surprisingly, household costs are higher in London, setting them back £11,762 a year.

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Published on: July 1, 2010

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