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Cost of running a home at most expensive level since 2008

According to Halifax, the cost of running a home has reached its highest level since 2008, the Independent reports.

Halifax found that the annual costs associated with owning and running a home have increased by an average of 1.4% over the past 12 months - rising by £127 to £9,083.

It measures 11 household expenditure categories, and homeowners have experienced rises in nine of these. The most notable rise has been in utility bills - with `hikes` in this category accounting for over half (£68) of the total increase.

Utility bills are now one fifth (£237) more expensive than they were in 2008, which is the largest rise for any of the expenditure categories Halifax measures. The rise in utility bills was closely followed by a 17% (£99) jump in the cost of `maintaining and repairing a home`.

Housing economist at Halifax, Suren Thiru, said: "The current strain on household finances is particularly concerning at a time when earnings growth remains weak."

A spokesperson at the IVA Advisory Centre commented: "We would advise anyone concerned about the impact that rising costs of living could have on their finances - their ability to service debts, for example, or their ability to afford other essential costs - to speak to a professional debt adviser."