Annual Housing Costs Hit £133 Billion

The total annual cost of housing across England and Wales is approximately £133 billion according to new research from property adviser, Savills. While mortgage interest and repayments make up 49 per cent of the total cost, private rents now account for 36 per cent of the nation’s housing costs. However, there is significant regional variation. In London there are relatively few households who own their own home mortgage free, private rent makes up almost half of the total cost of housing, bringing the average cost per household to £11,329. Meanwhile, in the North East where housing is comparatively less expensive and 24 per cent of the cost of housing is in the form of social rent, the average cost per household is £3,450. Read more on the Savills website.