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
