Property maintenance costs in the UK in 2020
It costs about £2,000-3,000 a year to maintain property in the UK, including minor repairs, mortgage costs, telephone and internet, insurance, council tax and public area maintenance charges.
While there is no universal property tax in the UK, homeowners must pay council tax which goes towards police services, local authorities and street cleaning. The amount varies by region and property value from £500 to £4,000 per year.
Leasehold owners pay ground rent of
Companies owning property worth £2 million or more are subject to the Annual Residential Property Tax (ARPT) that varies from £25,200 to £236,250. Moreover, foreign legal entities pay Capital Gains Tax (CGT) of 28% on property over £2 million.
Standard property insurance in the UK costs
Management company fees
There are property management companies that can manage homes for owners who do not reside permanently in the UK. They pay utility bills and taxes, lease the property, maintain security around the premises whilst doing the occasional repairs. The cost will depend on the scope of work. For instance, a management company leasing the property charges
Leasehold owners also pay the management company's fee for maintenance and repairs that can reach
Utility bills depend on consumption and houses are equipped with electricity, water and gas meters. Utilities in London cost £2,000 per year in average.
For a one- or
Many houses and apartments have gas fireplaces and heating one room costs