It costs about £9,000 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 £200 to £2,500 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 £15,000 to £140,000. 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 £1,700 per year in average.
For a one- or
Many houses and apartments have gas fireplaces and heating one room costs
Minor repairs cost about £700 per year whereas major renovations can reach £20,000 for a
Average property maintenance costs in the UK in 2013Reported by Halifax
over 1 year, %
|Maintenance and repairs||1,716||−0.4|
|Home and garden
tools and equipment
|Materials and services for
Total housing maintenance costs in the UK regions for January 2013Reported by Halifax
over 1 year, %
|North East England||18,161||+3.1|
|North West England||19,020||+3.0|
|Yorkshire and Humber||18,499||+3.1|
|South East England||10,979||+2.4|
|South West England||19,341||+3.0|