Household spending goes up to £459 per week
December 21, 2008
According to official figures released by the Office for National Statistics, the average household in the UK is now shelling out £459 per week to fund household costs. The data from the Family Spending Survey showed that the costs associated with mortgages and energy costs have rocketed over the past five years. In the past five years the average monthly mortgage payment has gone up by around £16 per household. This equates to an increase of over £830 a year for each household.
The increases in the cost of living over the past year or so have made things very difficult for many households, who have struggled financially to keep on top of bills, payments, and other financial obligations. Over the past five years fuel prices for the average household have gone up by £5.50 per week. In total there has been a rise of over 13 percent in the average weekly spend per household, which has risen from £406.20 to £459.20.
Many other living and household costs have increased such as food, petrol, energy bills, and more, and much of the increases have come about in the past year or tow.
One official from uswitch.com stated: “Whatever changes happened last year are not a patch on what happened in 2008, when inflation really took hold.”
The global credit crunch resulted in mortgage costs rocketing, and over the past two years families have found themselves paying a huge amount extra on their mortgages.
However, interest rates have recently fallen by 2% taking the base rate to just 3%, which could help to ease the financial crisis for many households who have been paying a fortune on their mortgage repayments. Also, the cost of clothing has been showing consisent price falls according to the figures.
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