The price may change every couple of years in line with inflation, so you should check this in your contract/ with your landlord. However, if paying rent, you only need to pay a set rate that is stated in your rental agreement at the beginning of the tenancy. If you have a variable rate or base rate tracker, it may pay to keep a little extra in your account each month to ensure you are covered for any fluctuations in the interest rate. If you have a fixed rate, your payments will be the same each month across the term. The amount you pay each month will be based on your mortgage type. It helps to set up a direct debit, so you do not have to worry about doing this every month. Mortgage payments will usually come out on the first working day of each month and you must ensure that payment is made, else you may end up with some hefty fees and can affect your credit score. This will typically be the largest bill that you will have to pay when you move into your own place. Average household bills that you may pay per month If you removed service charges, this drops to around £1,400. This is based on a 2-bedroom house in South East London with mid-level expenditures.

The average cost of running a house per month is £1,575. Therefore, in this article, we will outline the key bills that you will likely face in both renting and buying. It is worth noting that it is difficult to give an accurate cost as there are many factors that affect the overall cost, such as location, property type, if you are renting or buying, and if you are house sharing. There may come a point in your life where you will want to move out of your parent/ guardian’s house and into a place of your own, with friends, or complete strangers! Each of these will have various factors to consider before taking the leap, but one of the most important is understanding the associated costs involved in running a house.

Bills to pay when owning a house