Household bills go up £147 in a year — but some costs fall
The biggest rising expense for British families throughout 2018 was energy bills, which kept going up and up. The average home in the UK is now paying £151 compared to a year ago.
New data shows that the average Brit has seen their household bills rise by £147, the equivalent of £12 per month, throughout 2018.
In fact, 2018 is one of the worst years on record for energy prices, with a total of 57 price hikes being thrown at families.
British Gas has upped prices for homes twice, and the worst of the big six firms in the UK was Scottish Power, who raised their prices by over £109.
However, new studies suggest that despite these energy price increases, the cost of certain household bills has actually dropped, and people are forking out less money.
A comparison between energy, car, home and life insurance shows that the average bill-payer has seen expenses go up to £1,996 per year, which is a big increase from £1,849 in January 2018. This is an increase of 8%, which works out to quite a lot of money for individual families.
Whilst the largest rise was seen in energy bills — with the average of the top 30 tariffs rising 17% during 2018 — home insurance has also seen steady price increases.
Life and car insurance have in contrast seen price decreases, with premiums falling across the year. The average life insurance policy bought in January 2018 cost £300 per year, and prices reached their peak in July at an average of £334.
However, this has now fallen to £283, which represents a 6% drop in premiums.
Car insurance has also seen a small decrease of £9 on average in the last 12 months, with the average fully comprehensive policy going from £549 in January 2018 to £540 now. The cheapest point was in August, when the average fell to £496.
Energy bills have always been the most susceptible to price fluctuations, and rising wholesale costs have meant that consumers have been dealing with price hikes for a few years.
However, this also including home insurance is relatively new, so consumers should be aware that they need to do some research and make sure that they are really getting the best deal.
Switching provider will usually guarantee that you save more money than if you stick with your current insurance firm. So, use a price comparison site like A Spokesman Said to read up on all the home insurance options available, and make sure you don’t get caught with rising costs.
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