Economy

UK Housing Costs Hit Record £226bn as Renters Squeezed

UK households spent a record £226 billion on housing last year, with overall costs rising 41% over five years as mortgage borrowers rolling off fixed-rate deals faced sharply higher payments. The surge, tracked by property group Savills, was driven largely by the interest rate environment, with higher mortgage payments accounting for half the total increase. Separately, Prime Minister Starmer is set to announce tens of millions of pounds in energy bill support as the Iran war drives up heating oil costs.

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