According to a report published by the Office for National Statistics (ONS), 2006 saw the average spend on rent rise while those with mortgages spent less.
Householders also had to take into consideration costs on council tax, water charges and essential work, along with rising mortgage or rental payments.
The calculation by the ONS estimated that the average borrower spent around £132 a week on mortgage repayments while households in the South East, London and the East of England spent the most at £174 a week on average. Households in Northern Ireland spent around £96 a week.
Meanwhile the average tenant paying rent saw an average payment of £60 a week, net of rebates and benefits. The average for London was highest at £94, while the average for Scotland was lowest at £30.
The statistics were drawn from the Classification of Individual Consumption by Purpose (COICOP), the internationally agreed classification for National Accounts, which deemed the average expenditure by UK households was £40 a week.
COICOP also includes an ‘other expenditure items’ category, which features mortgage interest payments, mortgage protection premiums; council tax; domestic rates for only or main residence; mortgage and insurance for second dwelling.
Under the combined COICOP and the ‘other expenditure items’ definition, households spent £52 a week on average.
Rob Clifford, chief executive at Mortgageforce, said that it was very hard to predict how much borrowers coming to the end of their deals would have to pay in the long term.
He explained: “Tens of thousands of home owners have experienced payment shock because of the rises in Bank of England Base Rate and interest rates.
"People are coming to the end of two or three-year fixed rates so for the most part it is difficult to foresee how much more they will be paying out on a monthly basis.”
