Has your home paid for itself this year?
Nearly half of all homeowners in England have seen their property pay for itself when it comes to the cost of upkeep against the increase in their home’s value, according to GetAgent.co.uk.
The estate agent comparison site analysed the total annual cost of upkeep of property in each local authority in England including council tax, utilities, buildings and contents insurance and annual maintenance.
It then looked at annual house price growth in each area of England to see where properties were paying for themselves.
Breakdown of costs
Across England, the average homeowner pays £6,046 annual upkeep costs on their property comprised of £1,818 in council tax, £1,139 in energy costs, £397 on water, £146 in insurance and £2,547 in maintenance.
However, the average house price in England has increased by £6,220 in the last year, meaning that owning a property has paid for itself with an additional £174 left in the kitty.
House price appreciation has more than covered upkeep costs in the West Midlands, the East Midlands, Yorkshire and the Humber, and the North West.
But in the South East, the East of England, the North East, London and the South West, homeowners have been worse off. House prices in the South East for example have increased by £3,185 in the last year, while annual upkeep costs are £6,846.
Founder and CEO of GetAgent.co.uk, Colby Short, said: “It’s been a topsy turvy last 12 months that’s included Brexit uncertainty, a pandemic market deep-freeze and an atmospheric, stamp duty fuelled return to form where house price growth is concerned.
“The market has stood firm through it all and while homebuyers have been scrambling to save on stamp duty, many existing homeowners have seen their property pretty much pay for itself in terms of upkeep costs and annual price appreciation.
“Of course, we don’t suggest using your house as a giant ATM, but it does show how a bricks and mortar investment is largely the best one you can make and how maintaining it is certainly money well spent.”