The figures indicated this was a rise of 12 per cent from the 2004-2005 findings, equating to an increase of £3.28 per day.
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A breakdown of the costs suggested that mortgages accounted for an estimated £6,620 a year, up from the 2004-2005 cost of £5,928. According to the report, mortgage repayments accounted for 60 per cent of the total annual cost of running a home. This was followed by money spent on alterations and improvements, which accounted for over 12 per cent.
Gas recorded the highest increase, with an estimated increase of 27 per cent.
Home insurance was the only area of cost which recorded a fall, decreasing 2 per cent.
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Robert O’May, home insurance manager at Sainsbury’s Bank, said: “It’s becoming more expensive to run a home, which makes it all the more important for home owners to shop around.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, said: “It is interesting that this includes the mortgage, but this figure will differ considerably regionally.”
