Mortgage bills up £2,800 since 2022

UK housing costs reached a record £217bn in 2024, according to estate agent Savills. This is a £41.2bn rise over two years and accounts for 60% of the decade’s increase.

Mortgaged owner-occupiers paid £110bn in total, with the average annual cost now £12,754, up £2,829 since 2022. The surge was largely driven by a 32% rise in mortgage interest repayments. “Mortgage rates eased last year, but the higher costs incurred by households reflect the number who had come to the end of a fixed-rate deal or moved home,” said Lucian Cook of Savills. Renters faced average increases of £2,195 compared to two years ago.

Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage