A new study has revealed that the average cost of running a home in the UK has risen by nearly 15 per cent since 2019. 

Finance experts, RIFT, have analysed the latest data from the Office for National Statistics on housing expenditure and family spending. 

The analysis showed that the cost of owning and running a home has increased by 14 per cent in the last five years, which is equivalent to £863 per year. 

The data included mortgage payments, bills, maintenance and insurance, and overall household spend. 

The research shows that the average household spends an estimated £27,498 a year on total expenditure, including costs not related to home ownership. 

The charges that have increased the most include council tax and water bills, which have risen by 22.1 per cent or an additional £343 per year.

Other costs that have risen include home improvements, which costs an additional £244 (17.9 per cent) compared to five years ago, home maintenance, which has risen by 14.1 per cent, and mortgage costs, which are eight per cent higher than in 2019. 

Despite having risen less than other costs, mortgages remain the highest household cost, at an average of £2,730 per year. 

Bradley Post, managing director of RIFT, commented: “While inflation may be easing, households across the nation continue to struggle with the high cost of living and we’ve seen the average household reduce their total outgoings by an average of 4.6 per cent over the last five years in order to get by.

"Of course, while some costs can be cut back on, others can’t and during the same time period, the costs associated with running our homes have increased by 14.1 per cent. That’s an additional £863 per year, with charges such as council tax and water driving this increase.

"So it’s no surprise that many households continue to struggle as despite cutting back on non-essential outgoings, the core expenses related to our homes have continued to rise.”