{"id":12452,"date":"2017-10-03T08:04:56","date_gmt":"2017-10-03T08:04:56","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=12452"},"modified":"2018-02-13T06:53:01","modified_gmt":"2018-02-13T06:53:01","slug":"cost-of-housing-to-soar-in-more-ways-than-one","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/cost-of-housing-to-soar-in-more-ways-than-one\/","title":{"rendered":"Cost of Housing to Soar in More Ways Than One"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>On the surface, house <a class=\"wl-entity-page-link\" title=\"Price\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/price\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/price;http:\/\/rdf.freebase.com\/ns\/m.01d_1l;http:\/\/dbpedia.org\/resource\/Price\" >prices<\/a> in the UK are in a state of flux. After unprecedented growth through the preceding two decades, there are signs that the cost of buying a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> is about to either stabilise or even come down.<\/p>\n<p>Partly fuelled by pre-Brexit anxiety, growth remains low,\u00a0<a href=\"https:\/\/www.theguardian.com\/business\/2017\/sep\/07\/uk-house-prices-properties-halifax-employment\">standing at 1.1% month-on-month according to the Halifax bank<\/a>. These figures represent an increase in growth compared to July\u2019s figures, but associated costs seem to be rising ever faster. The price that <a class=\"wl-entity-page-link\" title=\"Home insurance\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home-insurance\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home_insurance;http:\/\/rdf.freebase.com\/ns\/m.0313mp;http:\/\/yago-knowledge.org\/resource\/Home_insurance;http:\/\/dbpedia.org\/resource\/Home_insurance\" >homeowners<\/a> and <a class=\"wl-entity-page-link\" title=\"Leasehold estate\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/leasehold-estate\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/leasehold_estate;http:\/\/rdf.freebase.com\/ns\/m.03jg1x;http:\/\/dbpedia.org\/resource\/Leasehold_estate\" >tenants<\/a> alike pay for water, gas, electricity, broadband and food is going up at a rapid <a class=\"wl-entity-page-link\" title=\"rates\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/rates-tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/rates_tax;http:\/\/rdf.freebase.com\/ns\/m.03hnzm;http:\/\/yago-knowledge.org\/resource\/Rates_(tax);http:\/\/dbpedia.org\/resource\/Rates_(tax)\" >rate<\/a>.<\/p>\n<p>One of the reasons why the cost of living is soaring is\u00a0due to rising inflation. The UK\u2019s inflation rate currently stands at 2.9%, rising from 0.6% in August 2016. That rise has been reflected in the utility and food bills of households across the country.<\/p>\n<h2>Future Spending<\/h2>\n<p>According to research by\u00a0<a href=\"https:\/\/www.tilney.co.uk\/infographic\">Tilney<\/a>, the average total a typical household\u00a0would spend on utilities from 40\u00a0years\u00a0of age\u00a0is \u00a3374,902. Put into perspective, the average UK house price is a little over \u00a3220,000.<\/p>\n<p>For those who <a class=\"wl-entity-page-link\" title=\"Renting\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >rent<\/a> a property, spending a sizeable proportion of their income on rental costs is nothing new. That, allied to increasing utility costs, is driving up the cost of housing. Most of the major energy providers\u00a0<a href=\"http:\/\/www.moneysupermarket.com\/hubs\/gas-and-electricity\/energy-price-rises-report\/\">announced price rises for customers earlier this year<\/a>, ranging from 6.9% to 9.8%.<\/p>\n<h2>Fewer Luxuries<\/h2>\n<p>In the space of four decades, the same research found that the typical household would spend something in the region of \u00a3130,000 on food and drink. To cope with the soaring cost of living, many homeowners and renters are having\u00a0to cut out luxuries such as meals out and expensive wine. Other treats like subscription TV are also being scaled back or ditched completely.<\/p>\n<p>The failure of wage growth to keep pace with inflation has hit people hard in the pocket. The end result of this\u00a0trend is that many are facing a real <a class=\"wl-entity-page-link\" title=\"term\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/contractual-term\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/contractual_term;http:\/\/yago-knowledge.org\/resource\/Contractual_term;http:\/\/rdf.freebase.com\/ns\/m.02rfhkx;http:\/\/dbpedia.org\/resource\/Contractual_term\" >terms<\/a> pay cut. Indeed, a new report revealed that\u00a0<a href=\"http:\/\/www.cityam.com\/272692\/uk-unlikely-see-wage-growth-any-time-soon-according-new\">wage growth is unlikely to gather pace anytime soon<\/a>.<\/p>\n<p>The trend for everyday items becoming more expensive looks set to continue for a while. With the outcome of negotiations in Brussels not known, sluggish wage growth and rising inflation, housing and all of its associated costs will continue to become more expensive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the surface, house prices in the UK are in a state of flux. After unprecedented growth through the preceding two decades, there are signs that the cost of buying a property is about to either stabilise or even come<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/cost-of-housing-to-soar-in-more-ways-than-one\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":12453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[17],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/10\/housing-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/cost_of_housing_to_soar_in_more_ways_than_one","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/12452"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=12452"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/12452\/revisions"}],"predecessor-version":[{"id":14055,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/12452\/revisions\/14055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/12453"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=12452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=12452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=12452"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=12452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}