The latest property market analysis by London lettings and estate agent Benham and Reeves, has revealed how the cost of maintaining our homes this winter is as much as 17% higher than it was this time last year.
Benham and Reeves analysed the average cost of maintaining a property which can include everything from cleaning the gutters, replacing broken roof tiles, fixing leaky pipes and radiators, looking after the lawn and even repainting and how it has changed on an annual basis across each area of the UK market.
The research shows that the average UK homeowner is facing a cost of £2,699 to maintain their property, up 12% (£284) in the last year.
The biggest increase has been in the North West, where the average cost of maintaining a home has climbed by a hefty 17% year on year.
Wales and the East Midlands have also seen the average cost of maintaining a home increase by 15%, with every other region bar two seeing a double digit increase.
Just the East of England and London have seen the cost of maintaining a home increase by less than 10%. The East of England has seen a 9% uplift while London has seen an increase of just 3%.
However, at an average of £5,073, London is home to by far the highest home maintenance costs of any UK region.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Climbing the property ladder can be an expensive endeavour but many homebuyers also fail to consider the cost of upkeep when it comes to their home.
Doing so can be costly in itself as our properties need an ongoing level of TLC to ensure they remain in tip top condition and the best way to cover this is to budget around one per cent of your properties value each year.
Covid has caused all sorts of issues and not only has the cost of materials increased but so too has the cost of labour. So you’re likely to find that even the most basic home maintenance is going to cost you more now than it might have previously and you may well have to wait a while before the work gets done.”
|Table shows the change in the average maintenance costs across each area of the UK.|
|Location||Est maintenance – Sep 2020||Est maintenance – Sep 2021||Maintenance change Sep 2020 to Sep 2021 £||Maintenance change Sep 2020 to Sep 2021 %|
|Yorkshire and The Humber||£1,718||£1,924||£205||12%|
|West Midlands Region||£2,073||£2,315||£242||12%|
|East of England||£3,000||£3,280||£280||9%|
Estimated maintenance cost data sourced from The Balance and applied to average house price data sourced from Gov.uk House price Index.
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