According to the latest survey from Halifax, in the past two years, the cost of running a household has fallen by £500, bringing down the annual expenses to £9,020. With the cost of living down by nine percent and the housing costs have become 27% of the gross average earnings of a UK householder. This is three percent less than the figures published in 2008.
Commenting about this, the editor of yourmortgage.co.uk, Paula John said that lower interest rates have benefited householders of all income levels.
Paula also felt that the timing for the lowered rates of interest was ideal. With the actual cost of goods and services increasing day after day, it couldn’t have come at a better time for the consumers.
“People on variable rates have benefited from the interest rates remaining low. The only hope is that they stay low for as long as possible in order to keep people benefiting from the lower house rate costs,” Paula said.