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Briton's average annual mortgage bill soars £2,800 in just two years due to rocketing rates

British households - both renters and homeowners - spent a record £217billion on housing costs last year - £8.6billion more than the previous peak in 2016



Average UK mortgage bills have increased by £2,829 annually since 2022 due to rising interest rates, bringing the average yearly cost to £12,754. Renters also face increased costs, paying £2,195 more annually, with the average rent reaching £14,458. Londoners account for a significant portion of total housing costs. Overall housing costs in Britain rose by £41.2 billion in the past two years, driven mainly by higher mortgage interest repayments. While mortgage rates eased slightly in 2024, many households still face increased bills as fixed-rate deals expire.

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