A whopping 37% of Brits do NOT know what they pay each month in household bills.
What's the latest?
While most people know what the value of their home is, more than a third of all Brits do NOT know how much it costs to run.
So, to help you get a better handle on your monthly bills, we’ve launched a handy tool called Running Costs.
Why is it happening?
Homeowners and renters underestimate their monthly running costs by a staggering £700 and £600 respectively, according to Zoopla's survey of more than 2,700 people.
The average homeowner reckons they spend £812 per month covering their mortgage and utility bills. But we estimate the REAL average monthly total to be £1,505.
Meanwhile, the typical renter estimates they pay £1,227 per month on rent and utility bills – 33% less than the national average cost of £1,819.
Check out the Running Costs tool in our latest TV advert - 'Dan the House Detective'.
Who does it affect?
Zoopla’s Running Costs tool gives both homeowners and renters greater clarity on how much it costs to run a home.
Lawrence Hall, spokesperson for Zoopla said: “Buying a home can be a stressful process, but one way to alleviate this is by doing your research and having a really good idea of what your monthly running costs might be.
"With research showing that one in 10 consumers do not even consider how much it might cost to run a property until after they have moved in, house hunters could risk a nasty surprise by not factoring in ongoing expenses like energy and water bills into their budgeting."
Sounds interesting. What's the background?
It turns out that the over-70s are the most naive, with 43% admitting to not knowing what it costs to run their home.
"...house hunters could risk a nasty surprise by not factoring in ongoing expenses like energy and water bills into their budgeting."
Close behind are Brits in their 20s - one in 10 said they had NO IDEA at all about the true cost of their property.
And more than one in 10 Brits do not pay attention to their monthly direct debits.
While 55% know what each individual bill typically comes to, they don’t know what they total each month.
Fluctuating bills from month to month also causes confusion for one in five homeowners and renters.
Which of these household bills do you feel is most overpriced?— Zoopla (@Zoopla) February 19, 2016
Top 3 takeaways
- Zoopla has launched its Running Costs tool to give both homeowners and renters greater clarity on how much it costs to run a home.
- And that's because 33% of Brits do NOT know how much it costs to manage a property.
- More than one in 10 admit they don’t pay attention to their monthly direct debits.
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