A decline in mortgage payments has been recorded since 2008, new research has shown.
Carried out by Halifax, the study revealed this figure tumbled 23 per cent during the four year period.
According to the findings, the typical home loan payment dipped from £4,521 in January 2008 to £3,485 for the same month in 2012, representing a reduction of £1,036.
The movement can be attributed to the considerable drop in mortgage rates over this time, coupled with an easing of house prices .
Despite this, it was shown that the cost of owning and running a dwelling has increased to its highest level since 2008, with escalating utility prices accounting for much of this trend.
The research demonstrated the cost of maintaining an abode climbed to £9,393 in January 2012, which was the most sizeable total since £9,406 was seen in 2008.
Martin Ellis, housing economist at Halifax, noted such expenditure has jumped markedly in the last 12 months.
He stated: “This has happened despite the substantial fall in mortgage payments over recent years, as all the other costs associated with home ownership have risen.”
