The Most (and least) Affordable Locations For Bill Payers

Statistics and Reports, UK Property

New research from comparethemarket.com has analysed council tax, home insurance and energy bills in 80 of the UK’s most populated towns and cities to create the 2019 Home Buyers Index, revealing where in the country are the most (and least) affordable places to live taking into account council tax, energy bills and home insurance.

Owning your home is many people’s dream. But the downside of being a homeowner can be the cost. After all, owning a home is about much more than just mortgage payments. When you take into consideration other costs such as council tax and energy bills, things can really start to add up.

The survey reveals that, of the 80 most populated UK towns and cities, the most affordable area is Derby, with an overall annual cost of £2,868.81 for home insurance, energy and council tax. In comparison, the most expensive area is Birkenhead, with an annual total cost of £5,130.91.

The overall difference between living in the most affordable location (Derby) and the least (Birkenhead) is £2,262.10.

Top 5 most affordable locations (for home insurance, council tax and energy bills)

  1. Derby
  2. Edinburgh
  3. Southampton
  4. Swansea
  5. Newcastle

Top 5 least affordable locations (for home insurance, council tax and energy bills)

  1. Birkenhead
  2. Hemel Hempstead
  3. Huddersfield
  4. Woking
  5. Gillingham

Cheapest council tax – Derby (annual average £1,591.68)

Most expensive council tax – Nottingham (annual average £2,462.66)

Difference: £870.98

Cheapest home insurance – Norwich (annual average £122.11)

Most expensive home insurance – London (annual average £206.47)

Difference: £84.36

Cheapest energy bills – Exeter (annual average £987.90)

Most expensive energy bills – Birkenhead (annual average £2,778.55)

Difference: £1,790.65

The research also looked at 33 London boroughs to identify where in the UK capital is the most affordable location. The study shows that the most affordable London area is  Westminster. The least affordable is Harrow.

Top 5 most affordable London boroughs (for home insurance, council tax and energy bills)

  1. Westminster
  2. City of London
  3. Wandsworth
  4. Hammersmith & Fulham
  5. Tower Hamlets

Cheapest council tax – Westminster (annual average £910.90)

Most expensive council tax –  Richmond-upon-Thames (annual average £2,179.50)

Difference: £1,268.60

Cheapest home insurance – Tower Hamlets (annual average £166.62)

Most expensive home insurance – Barnet (annual average £267.68)

Difference: £101.06

Cheapest energy bills – City of London (annual average £754.46)

Most expensive energy bills – Enfield (annual average £1,418.92)

Difference: £664.46

Chris King, Head of Home Insurance at Compare the Market, commented on the research:

 “Bills can be the bane of the homeowner’s life, and they can’t be avoided. But at least you can check to make sure you’re not paying more than you should.

You can challenge your council tax bill if you think you’re in the wrong band, and you should always shop around to make sure you’re on the most competitive energy tariff and are getting a great deal on your home insurance.

Household budgets are always under pressure, so it makes sense to squeeze every last drop of value from the money your spend on running your home.”

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