All the costs associated with owning and running a home are down year-on-year, it has been suggested.

Research from Halifax has indicated that all regions in the UK reported double-digit declines in housing expenditure in the last 12 months.

Private landlords and homeowners alike may have had more disposable income as a result.

London was the place where the cost of owning and running a home dropped the most (21 per cent), while the south-east recorded a 19 per cent decline.

Housing expenses in the east of England reduced by 18 per cent, but Wales and Northern Ireland had the smallest falls in costs (both -13 per cent).

Suren Thiru, economist at Halifax, commented: "With mortgage interest payments declining by almost half over the past year, the annual cost associated with owning and running a home in the UK has fallen significantly."

With expenditure lower than 2008 and actual property prices down year-on-year, private landlords may find that now is a good time to buy investment property to let out to a typically buoyant private rented sector.

Written by Claire Doyle
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