Released on = May 4, 2007, 4:07 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = The cost of running a home has increased dramatically in the
two last years according to a new survey by Sainsbury\'s Bank - which suggests a rise
in repossessions could be on the cards, says National Homebuyers.

Press Release Body =

The study by the insurance division of the bank, which is based on industry data,
shows the average annual cost of running a home is now £11,035 - an increase of 12
per cent (£1,199) since 2004/05.

Mortgage costs account for 60 per cent of the £11,035 sum, while the alterations and
improvements category is the next biggest outlay, assuming a 12 per cent proportion
of the total.

Other expenditures include council tax, gas and electricity bills.

According to Robert O\'May, home insurance manager at Sainsbury\'s Bank, spiralling
prices highlight the need for consumers to scout out the best available deals in
order to keep costs to a minimum.

\"It\'s becoming more expensive to run a home, which makes it all the more important
for homeowners to shop around to make sure they are getting the very best deals
available,\" he said.

\"This is not only for their mortgages and utility supplies but also their home
insurance.\"

Julian King, director of National Homebuyers, the UK\'s leading homebuyer service
adds: \"The rise in household bills will have a detrimental effect on the property
market as a whole. We are already seeing record levels of repossessions and this
will continue.

\"The likelihood of interest rates rising to six per cent by the end of the year will
cause many people even more severe financial difficulties, people across the country
are contacting National Homebuyers requesting help by purchasing and allowing them
to remain living in their homes and renting back at a lower manageable level of rent
which enables people to get their finances and life back in order.\"

Web Site = http://www.nationalhomebuyers.co.uk/newsarticle.asp?ID

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
08709798118