According to research released by Halifax, based on the latest ONS data, shows that the cost of owning and running a house increased by 7% in the financial year 2004/05, more than three times the rate of inflation.
Combined council tax and utility bills are estimated to represent the single biggest component of total housing costs in 2005/06, accounting for a higher proportion of the overall costs than mortgage payments. London housing costs, at £8,133 per year, are the highest in the country. Costs in the capital are 63% above annual housing costs in the North East, the cheapest region where they are £4,990 per year. London's costs are 28% above the national average.
