Cost of running a home is highest in ten years

THE cost of owning and running a home has soared to the highest level in a decade, despite historically low interest rates, according to new research.

The typical annual expense was £8523 at the start of the year, the highest average total since the Bank of Scotland analysis began in 2002.

Rising gas and electricity bills accounted for 92 per cent of the jump in costs over the past year, the bank said.Scotland recorded the third biggest increase in the UK in home running costs over the most recent 12 months but the price tag is still lower than the UK average.

The bank further found that the average yearly cost of owning and running a home in Scotland rose by 50 per cent over the last ten years, nearly double the 28 per cent increase in consumer prices.