Over a third of Brits don't know how much it costs to run a home
21st March 2016
- Over a third (37 per cent) of Brits don’t know how much it costs to run a home
- More than one in 10 admit they don’t pay attention to monthly direct debits
- The average British homeowner estimates they spend £812 per month running their home (54 per cent less than the actual national average cost of £1,505), while the average renter estimates they pay £1,227 per month (33 per cent less than the actual national average cost of £1,819)
- Zoopla launches Running Costs tool to give Brits greater clarity as to how much it costs to run a home
New research from leading property website, Zoopla has revealed that more than a third of Brits do not know how much it costs to run their home on a monthly basis. Of those surveyed, the over 70s turned out to be the most naïve with nearly half (43 per cent) admitting to not knowing the costs of their property. Not far behind, those in their 20s were also particularly unknowing with 42 per cent admitting to being unaware, with one in 10 saying they had no idea whatsoever.
According to the research, a substantial one in 10 respondents admitted that they do not pay attention to their monthly direct debits, and whilst over half of us (55 per cent) know what our monthly running costs are individually, we don’t know what our monthly total bills come to. One in five of us (21 per cent) also concede they are confused about the running costs of their home due to bills fluctuating from month to month.
In order to give the nation a better understanding of the cost of running a property, Zoopla has launched a new tool called Running Costs. A first of its kind, Running Costs provides consumers with an estimate of how much it might cost to run a property each month by looking at mortgage or rent payments, and bills including water, council tax and energy.
The research also suggests that Brits are considerably underestimating how much they pay in running costs each month. The average homeowner thinks they pay out £812 a month for their mortgage, water, energy and council tax bills, whereas Zoopla estimates the real average total to be £1,505. Similarly, those in rental properties reckon their monthly outgoings come to £1,227; £592 less than the £1,819 a month that Zoopla estimates the average British renter to pay.
When searching on Zoopla, the new Running Costs tool – featured on nearly every property listed to rent or to buy - provides an at-a-glance indication of what a property’s monthly running costs might be. For the first time, consumers will have access to an indicative estimate of the monthly costs associated with running a property, including mortgage or rent payments, energy, water bills and council tax payments, all in one place.
Lawrence Hall, spokesperson for Zoopla comments: “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 ten 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."
The Running Costs tool can be found on the Zoopla website.
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