This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

London living costs topped by mortgages

22 January 2007
Homeowners in London and the south-east are hit by higher living costs as well as mortgages 34 per cent more expensive than the UK average, a study from the Office of National Statistics has found.

The report, which analyses families' weekly expenditure on a regional basis, revealed that Londoners spent £500 weekly in 2005-06, with the cost of public transport, eating out and energy usage major contributing factors to their weekly spend.

Mortgages, meanwhile, cost Londoners £171 per week, while the national average is only £127.

For those who struggle to get their first foot on the housing ladder, the rental option is also far from attractive, costing almost 50 per cent more than the average at £84 per week in the capital.

Across the country, rising inflation rates have taken the average cost of living per household to £443 weekly - £9 a week higher than in 2004-05.

Meanwhile, the level of disposable income fell from £502 to £500 per week as interest rates rose to three per cent for the first time in a decade.

For more information about remortgaging, click here.

track© Adfero Ltd